Avant Brands Inc. AVTBF AVNT(FRA:1BU0) announced this Avant Brands K1 Inc.a company in which Avant owns 50% of the issued and outstanding shares closed its previously announced Acquisition of all issued and outstanding shares of the capital of Flowr Group (Okanagan) Inc.a subsidiary of Flowr Corporation FLWPF on February 1, 2023 pursuant to an amended and restated purchase agreement between the Purchaser, Flowr Okanagan and Flowr Canada Holdings ULC from December 1, 2022 in the currently valid version.

The Flowr Okanagan facility will increase Avant’s total cultivation area to approximately 185,000 square feet and is expected to increase Avant’s annual production capacity by approximately 60%.

The total purchase price for the shares purchased was $5.11 million, consisting of

• $3.85 million, payable in cash and settled in the manner described below;

• 7.4 million common shares in Avant’s capital at a value of $1.26 million based on the assumed price of $0.1708955 per Avant share plus the amount of the closing DIP loan and the value of the assumed debt, subject to certain adjustments.

The purchase price was fulfilled by:

• An offer of credit for all amounts owed to Buyer pursuant to the DIP Termsheet, including all accrued and unpaid interest, costs, fees and other amounts;

• delivery of the consideration for the Avant share,

• A cash amount equal to the purchase price less the credit offer and consideration for Avant shares

• The assumption of certain liabilities as specified in the contract of sale.

On January 31, 2023, the DIP term sheet was amended and the principal amount of the DIP loan was increased by $500,000 for a total of $2.5 million.

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