Pangea enters into agreement to acquire Glory Juice
By MRO staffBusiness Operations Food Food & Beverage food manufacturing Glory Juice north america Pangea plant-based food
Pangea Natural Foods is a food manufacturing company focused on manufacturing, co-packing and distributing plant-based food products across North America.
Pangea Natural Foods Inc., a manufacturer and co-packer of health food products, has entered into a share exchange agreement dated April 21, 2023, with Glory Organic Juice Company Inc., Glory Juice Co. Vancouver Ltd., and the shareholders of Glory Juice. Glory Juice is in the business of developing and commercializing organic health food products.
Pursuant to the agreement, the company will acquire all of the issued and outstanding shares of Glory Juice and upon completion of the acquisition, each of the Glory Juice entities will become wholly-owned subsidiaries of the company.
In consideration for the purchased shares, the company will issue an aggregate of 6,000,000 common shares of the company to the vendors. The shares will be subject to contractual resale restrictions, pursuant to which 10 per cent of the shares will be released on the closing date of the acquisition, and 15 per cent of the shares will be released every six months thereafter.