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Alkemy to issue up to 148,166,312 common shares upon achievement of contracted annual profitable sales milestones $300 million within 5 years
Bett Shane, Israel, January 21, 2022 /CNW/ – Alkemy (KB Recycling Industries Ltd.) (www.alkemy.solutions) (“Alkermes” or”company“), (TSXV: AKMY), (TSXV: AKMY.WT), a leading eco-friendly plastic recycling technology company, today announced the signing of a share purchase agreement to acquire Oceansix GmbH (“Ocean Six“), One Germany The company headquartered at RAM.ON Finance GmbH focuses on developing technical and product solutions from recycled materials (“RAM.ON Finance“), a company beneficially owned by Mr. Gat Ramon, Founder and Managing Director of CABKA Group GmbH, A leading recycling company specializing in converting post-consumer and post-industrial waste into material handling solutions.
“This is an important step in our mission to expand the global recycling market” said Mr. Shmulik Pohl, CEO of Alkemy. “Taking advantage of our acquisition of Oceansix, we plan to Europe And conduct research and development to open up more profitable product lines.“
“As governments and consumers become more aware of the importance of recycling plastic, I see great potential for Alkemy in the European and global markets.The synergies created by adding Oceansix to Alkemy will allow us to expand our product line and establish a production center in China Europe later in the rest of the world,” said Mr Gat Ramon, Beneficial Owner of RAM.ON Finance.
Following the transaction, Alkemy and Oceansix will focus on developing, producing and selling multi-purpose plastic products extruded from plastic films made from post-consumer or post-industrial plastics.
Transaction details
In consideration for seasix, Alkemy has agreed to issue 20,295,037 shares of common stock at the close of business, par value NIS 0.01 All directions to RAM.ON Finance. The transaction also includes a profit payment on the issuance of additional common shares to RAM.ON Finance upon the achievement of certain milestones, including:
- 10,000,000 additional shares of common stock if Alkemy is able to successfully establish an operational manufacturing base outside the United States Israel To manufacture products using Oceansix or the company’s technology or processes within two years of closing the transaction;
- 4,593,773 additional shares of common stock if Alkemy is able to successfully establish a second production site within two years of closing as described above;
- 6,000,000 additional shares of common stock if Alkemy is able to successfully commercialize Oceansix’s technology and generate revenue within five years of closing;
- 20,000,000 additional shares of common stock if annual sales of products using oceansix technology reach a minimum within five years of closing $40,000,000 per 0.338915 common shares $ 1 sales over $40,000,000, a total of…
The full story is available on Benzinga.com
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