Sunniva To Sell Okanagan Falls Property For Net Proceeds Of $3.2 Million

It seems Sunniva Inc (CSE: SNN) is back at it again. The company announced this morning that it has entered yet another purchase and sale agreement for its Okanagan Falls property in British Columbia, this time for less than a third of the original sale price announced over a year ago.

Sunniva Inc's Logo

This time, the company has agreed to sell the property for $6.8 million, a steep cut from even the most recent figure of $9.0 million, from when the company was to sell to a real estate investment firm. That deal fell through earlier this month when the company did not receive a confirmation of the waiver of conditions related to the sale. The most recent sales agreement is with an undisclosed British Columbian investment company.

Despite the property being sold for $6.8 million, Sunniva expects to receive net proceeds of only $3.2 million for the sale after the discharge of the current mortgage, closing fees, legal fees, and a 3% commission to the agent of the buyer. Its unclear if this includes the $2.3 million it was recently sued for in relation to unpaid bills for the property.

Per the sales agreement, it appears that just the property itself is being sold. 1167025 B.C. Ltd., the subsidiary that currently holds ownership of the property, will not be sold off, nor will certain equipment and assets that are currently on site.

Sunniva Inc remains halted on the CSE.

Information for this briefing was found via Sedar and Sunniva Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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