Relay Medical (CSE: RELA) this morning announced that one of its investee companies, Glow LifeTech Ltd, has been conditionally approved to list its common shares on the Canadian Securities Exchange. Relay currently owns a 21% stake in the company, which is expected to translate to 6.25 million shares once the go-public transaction is completed.
The company’s conditional approval is based on a $2.5 million financing being completed by Glow, as per the terms of the amalgamation agreement entered into by the company. It is expected that Glow will merge with that of Ateba Resources via a reverse takeover transaction.
Glow is currently a private company that was initially funded by Relay several years ago. The company holds the worldwide rights to manufacture and distribute certain biotech products that were developed in Switzerland. The tech effectively enables the company to formulate cannabinoids and nutraceuticals with fast acting onset, precise dosing and improved absorption.
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Based on the financing that is to be conducted at $0.30 per share, it values Relay’s holding in the company at roughly $1.9 million.
Relay Medical last traded at $0.225 on the CSE.
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