CNRP MINING INC (OTCMKTS:CRPGF)
CNRP MINING INC (OTCMKTS:CRPGF) shares gained 39.1% after announcing the launch of a test market for two products owned by its newly acquired subsidiary X-SPRAYS. The test market will last for three months after which the company is to provide a report on sales and performance.
The products up for sale, 300mg CBD and Sleep with CBD, will go on sale in medical and recreational marijuana dispensaries in Colorado.
Last month, CNRP MINING INC (OTCMKTS:CRPGF) entered into a definitive agreement to acquire all issued and outstanding shares of 1127466 B.C Ltd, which holds an exclusive license for X-SPRAYS. Pursuant to the agreement, the Company is to issue to X-SPRAYS shareholders an aggregate of 16.5 million shares in the capital, at a price of $0.30. An additional 28 million shares are to be issued upon the achievement of certain commercial milestones by X-SPRAYS.
X-SPRAYs is a company focused on the creation of a product line of oral sprays for the delivery of medicines, nutrients, and vitamins. To date, the company has developed 8 healthcare and life enhancement nutraceuticals products for enhancing pain relief, awareness, libido, and energy recovery.
The acquisition of the entity has helped strengthen investor confidence in CNRP MINING INC (OTCMKTS:CRPGF). Since the start of the month the stock has gained, more than 100% in market value. The stock is currently trading in an uptrend after registering a new 52-week high of $1.69 a share.
X-SPRAY acquisition is still subject to certain closing conditions including completion of due diligence. The deal also has to obtain necessary approvals including approvals from the board of directors of the two companies. Shareholders will also have to vote unanimously in favor of the merger.
Separately, CNRP MINING INC (OTCMKTS:CRPGF) has closed a previously announced, non-brokered private placement offering. In connection with the offering, the company issued 10 million shares of common stock at a price of $0.30 a share. Gross proceeds from the offering totaled $3 million.
Pursuant to the offering, the company has paid eligible finders a cash commission of $86,631.96. The company also issued an aggregate of 288,773 finders’ warrants, equal to 8% of the total number of shares sold to purchasers.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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