Red Light Holland Corp. (CNSX:TRIP) entered into a definitive agreement to acquire Minichamp B.V. for 0.73 million on October 4, 2022. The consideration was comprised of 550,000 cash and 981,466 common shares of the Red Light Shares, with a deemed price of 0.075per Red Light Share, being the 10-day volume weighted average price of the Red Light Shares on the Canadian Securities Exchange immediately prior to the closing of the Acquisition.
The earn out payments of 0.1 million to be made to the Vendor subject to reaching certain sales milestones. The transaction is immediately revenue accretive, and the Minichamp will aggressively pursue additional revenue growth opportunities.