Namaste Technologies Inc. (CSE:N) is to acquire Australian Vaporizers to extend its global reach to the Asia Pacific region.
Australian Vaporizers is the largest online retailer of vaping accessories in the country, said Namaste, and its www.australianvaporizers.com.au site has approximately 80% market share.
Revenues to end June for the Aussie company were A$4.5mln with underlying profits [EBITDA] ofA$1.1 mln. Gross margins for the period were over 45%.
Following the acquisition, Namaste’s customer base will rise to over 300,000 individuals and the purchase increases the revenue run-rate to C$18mln.
Namaste will fund the acquisition through a C$6mln bought deal placing led by Eight Capital and Canaccord Genuity at a price of C$0.25 for one share and a warrant.
Story by ProactiveInvestors