| Notes |
"In March 2018, Scythian signed a letter of intent to acquire Marigold Acquisitions Inc., which was described as “a privately-held British Columbia corporation.” At the time, Marigold Acquisitions was in the process of purchasing a 49% stake in Jamaican company Marigold Projects. In other words, the entity didn’t even own the Jamaican asset yet.
Four months later (in July), Scythian then announced the sale of the Marigold letter of intent along with their other LatAm “assets” to Aphria. Scythian completed its purchase in mid-September and subsequently closed the sale to Aphria 2 weeks later.
Ultimately, Aphria paid an estimated C$145 million for the Marigold stake, netting Scythian a C$127 million gain for an asset it only actually owned for about 2 weeks." |