PharmaCorp closes three pharmacy acquisitions across Canada

PharmaCorp Rx Inc. (TSXV: PCRX) completed the acquisitions of three community pharmacy businesses across Canada, according to a company statement.

The company acquired two PharmaChoice Canada pharmacies in Western Canada for an aggregate purchase price of $3.4 million. PharmaCorp paid 75% of the purchase price in cash and 25% through the issuance of common shares. One of the Western Canada acquisitions included the associated lands and building.

The third acquisition involved a PharmaChoice Canada pharmacy in Eastern Canada for $5.3 million, paid entirely through cash on hand and available funds under the company's credit facility.

All purchase prices are subject to customary adjustments. No finder's fees were paid in connection with the acquisitions.

The share price for the Western Canada transactions was determined using the volume weighted average trading price of PharmaCorp's common shares on the TSX Venture Exchange during the ten trading days ending at the close of business on the third business day prior to closing.

"These transactions reflect the continued momentum of our disciplined growth strategy and the strength of our strategic alliance with PharmaChoice Canada," said Alan Simpson, Executive Chair of PharmaCorp.

PharmaCorp now operates seven PharmaChoice Canada pharmacies in Canada. The company focuses on acquiring PharmaChoice Canada branded pharmacies through its strategic alliance agreement with PharmaChoice Canada, as well as independently owned non-PharmaChoice pharmacies that are subsequently operated under the PharmaChoice banner.

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