10:08 AM EST - CloudMD Software & Services Inc. : Announced that it has signed a binding term sheet to acquire 100% of Snapclarity Inc. Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company to be issued at $0.70 per share. All shares issued pursuant to the acquisition are subject to a two year release. Additionally, subject to the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn an additional $3.65M in equity-based consideration. The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture exchange approval. The Company anticipates a definitive agreement on or before August 14, 2020. CloudMD Software & Services Inc.
shares V.DOC are trading up 1 cent at $0.65.
