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Gilla Inc Announces Acquisition Of Snoke Distribution Canada Ltd.


Thursday, 15 Nov 2012 02:59pm EST 

Gilla Inc announced that it has completed the acquisition of all of the outstanding common shares of Snoke Distribution Canada Ltd. (Snoke Distribution) through the issuance of 29.4 million common shares (inclusive of a Private Placement) of Gilla to the shareholders of Snoke Distribution. Snoke Distribution is the holder of an agreement with German manufacturer Ecoreal GmbH & Co. KG for the exclusive rights to distribute all Snoke electronic cigarette (e-cigarette) products in North America, the United Kingdom, Mexico and the Caribbean (Snoke Rights). The exclusive distribution agreement has a five-year term, which automatically renews in perpetuity unless there is a breach of the distribution agreement or Snoke Distribution becomes insolvent. Prior to the acquisition, there were 29,477,766 common shares of Gilla issued and outstanding. Gilla completed the acquisition through the share exchange and the issuance of 29,766,667 common shares to the shareholders of Snoke Distribution, which included a private placement of $141,000 at the equivalent of $0.03 per Gilla common share. At closing, Gilla also closed a private placement of $135,000 at $0.05 per share each with one whole warrant to purchase one common share at an exercise price of $0.10 per share for a period of two years from the date of closing. 

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