# Zoetic International update on sale of DTU and Kansas Nitrogen Assets

- Link: https://www.directorstalkinterviews.com/zoetic-international-update-on-sale-of-dtu-and-kansas-nitrogen-assets/412935376
- Published: 2020-11-05T07:18:01+00:00
- Author: Giles

**Zoetic International plc** (LON:ZOE), the London-listed vertically integrated 
CBD company, has reached a [revised agreement](https://www.directorstalkinterviews.com/path-investments-plc-extension-and-amendment-to-acquisition-of-75-of-dt-ultravert/412935374)
to sell its 75 per cent interest in DT Ultravert to **Path Investments plc** ([LON:PAT](https://www.directorstalkinterviews.com/company/panthera-resources-plc/pat.l)
H), as previously announced on 27 May, 8 July and 3 August 2020. 

The primary revisions to the terms of the Transaction are as follows:

·    The issue by Path to Zoetic of 30,000,000 new ordinary shares of 0.1 pence 
each in Path on the re-admission of Path Shares to the standard segment of the Official
List maintained by the Financial Conduct Authority and to trading on the Main Market
of the London Stock Exchange;

·    Path will no longer issue 15,000,000 warrants to subscribe for Path Shares 
at any time from the first to the third anniversaries following completion at an
exercise price of 0.75 pence per Path Share;

·    Zoetic will no longer be selling its Kansas Nitrogen Assets to Path;

·    Path will no longer pay a royalty to Zoetic on future revenues from DTU;

·    Path will pay £42,000+VAT in cash to Zoetic on completion towards its professional
and technical costs;

·    Zoetic will no longer enter into an orderly market agreement in relation to
any of its Path Shares; and

·    The long-stop date for the Transaction will now be 31 December 2020.

In addition to the consideration elements set out above, Path will issue to Zoetic
15,000,000 warrants to subscribe for Path Shares at any time from the first to the
third anniversaries following completion at an exercise price of 1.5 pence per Path
Share.

The Company remains committed to its policy of exiting its legacy natural resources
activities and the Directors will actively pursue alternative solutions in relation
to the Kansas Nitrogen Assets.

**Trevor Taylor, Co-CEO of Zoetic International, commented,** “We are committed 
to achieve the best deal possible for our shareholders, and we believe that the 
revised Transaction with Path is an example of this.”

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