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Crucial Innovations Corp (OTC: CINV) has successfully completed a reverse merger, acquiring Eco Equity Zimbabwe, valued at $210 million. The acquisition includes extensive cannabis cultivation facilities in Zimbabwe, with plans for future expansion. Eco Equity expects to initiate production sales by Q3 2023 and aims to achieve cash flow positivity by 2024. CINV plans to raise $25 million through private placements and an additional $65 million via a REG A offering in early 2023, post-merger. This move positions CINV as a pioneering Africa-based cannabis producer listed on the U.S. markets.
Crucial Innovations Corp (CINV) announced a reverse merger with Eco Equity (Pty) Limited, a medical cannabis operation in Zimbabwe, appraised at $210 million. The acquisition will allow CINV to own 100% of Eco Equity and its cultivation assets. To finance the merger, CINV plans a private placement to raise $25 million at $5.00 per share. Following the merger, CINV will be rebranded as Eco Equity Corp. The merger's completion hinges on certain conditions, including the filing of CINV's SEC documents and Eco Equity's audited financials.
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