Toronto-based CNRP Mining Inc. (OTC:CRPGF) (CSE:CND), a company previously focused on mineral resource development in New Brunswick, announced from its Vancouver office that it has advanced US$300k to X-Sprays in connection with its July 21, 2017 LOI to purchase 100% of X-Sprays for $3M.
X-Sprays, a maker of state-of- the-art oral spray systems, has a line of 8 health care and nutraceutical products that enhance pain relief, awareness, sleep, libido energy and recovery. Four of the products include CBD ingredients. The company intends to expand its product line to include THC and more CBD sprays.
CNRP Mining anticipates signing a definitive agreement in September following due diligence. The agreement will give CNRP exclusive rights to distribute X-Sprays globally.
In connection with the agreement, CNRP intends to raise $3M in early September through a private placement of 10,000,000 shares sold at $0.30 per share. CNRP Mining stock has risen 300% in 6 months, from $0.30 to its current price around $0.90. The company’s market cap is $11.7M, and average volume is 24K shares.
Source: CNRP Mining