Ateba Resources Inc. (the “Company”) is pleased to announce that it has entered into a binding business combination agreement (the “Agreement”) with Molecular Science Corp. (“MSC”) whereby Ateba will acquire all of the securities of MSC by way of a three-cornered amalgamation, subject to the terms and conditions of the Agreement (the “Transaction”). The Agreement will be filed under Ateba’s profile on SEDAR at www.sedar.com. Pursuant to the terms of the Transaction, MSC will amalgamate with a wholly-owned subsidiary of Ateba, and Ateba will change its name to Molecular Science Corp. As a result of the Transaction, the Company will continue on with the business of MSC. Ateba has no commercial operations, no assets and minimal liabilities.
Ateba is a reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec and its common shares (the “Ateba Shares”) are not currently listed on any exchange or market. As contemplated by the Agreement, Ateba and MSC have applied to the CSE to list the common shares of the resulting issuer on the CSE (the “Listing”). The Company will provide an update of the Listing in a press release at a later date.
MSC has recently received, through its wholly owned subsidiary Molecular Science Labs Corp., a Dealer’s License pursuant to the provisions of the Controlled Drugs and Substances Act and its Regulations from Health Canada. Licensed activities will occur in MSC’s laboratory facility located in Scarborough, Ontario, where cannabis samples can be received for the purpose of analytical testing. MSC’s lab services will include multiple analyses, including pesticides, heavy metals, potency in cannabis flower, cannabis oil extract and hemp. This facility will implement processes in line with pharmaceutical industry best practices for analytical testing using high end LC-MS/MS, GC-MS/MS, ICP-MS and advanced automation systems.
Full press release can be found here.