Blackhawk Growth Corp. has completed the acquisition of 7,650 Class A common shares in the capital of NuWave Foods Inc., representing a 51-per-cent equity interest in NuWave. NuWave is a privately held, fully licensed commercial kitchen and baked goods manufacturer located in Edmonton, Alta.
“We are so excited to complete our investment in NuWave,” said Frederick Pels, chief executive officer of Blackhawk Growth. “They have a terrific product and a great expansion plan that we believe will position us as a true leader in the shelf-stable food industry. We look forward to keeping our shareholders updated with our progress over the coming quarters.”
The acquisition was completed pursuant to the terms of a definitive share purchase agreement dated effective March 30, 2020, and entered into with the shareholders of NuWave. Under the terms of the purchase agreement, the corporation has issued 12 million common shares to the existing shareholders of NuWave at a deemed price of five cents per share to acquire the acquisition shares. The corporation has also agreed to provide financing of up to $60,000, which will be applied toward expenses associated with certain equipment leases that are necessary in the operations of NuWave.
The corporation is at arm’s length from NuWave and each of the shareholders of NuWave. The acquisition does not constitute a fundamental change for the corporation, nor has it resulted in a change of control of the corporation within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. No finders’ fees or commissions were paid in connection with the acquisition. All common shares of the corporation issued in connection with the acquisition are subject to a four-month-and-one-day statutory hold period, in accordance with applicable securities laws.
For further information regarding NuWave and the acquisition, readers are encouraged to review the corporation’s news release dated March 31, 2020.
For further information please contact:
Frederick Pels, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the fulfillment of an order for the delivery of COVID-19 testing kits, and anticipated future orders. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.