Lifestyle Global Brands Limited Announces Termination of MOU with Elegance Brands, Inc.
Calgary, Alberta--(Newsfile Corp. - May 29, 2020) - Lifestyle Global Brands Limited (TSXV: GBE.V) ("Lifestyle Global" or the "Company") is pleased to announce it has accepted CAD$260,000 in cash, the assumption of liabilities related to legal fees of the Company incurred in relation to the MOU (as defined herein), listing and related matters, and US$1,000,000 of common shares in Elegance Brands, Inc. ("Elegance") at a deemed price of US$0.50 per share, as consideration for entering into a termination and mutual release agreement with Elegance dated effective May 14, 2020 which terminated the memorandum of understanding entered into between the parties on September 13, 2019 (the "MOU"). Concurrently therewith, the Company also entered into a mutual release with CannHealth Group Limited in connection with the share purchase agreement dated April 18, 2019 and which was terminated in accordance with its terms.
General Information about Lifestyle Global
Lifestyle Global is a gold explorer focused on the West African gold belt whose ordinary shares are listed on the TSX Venture Exchange under the symbol "GBE".
The TSX Venture Exchange has not passed upon the merits of the transaction and have not approved nor disapproved the contents of this news release.
For further information please contact:
Lifestyle Global Brands Limited
Michael Kahn, Director and CFO
NOT FOR DISSEMINATION DIRECTLY OR INDIRECTLY IN THE UNITED STATES
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