PharmaCielo Ltd. entered into a letter of intent to acquire AAJ Capital 1 Corp. (TSXV:AAJ.P) in a reverse merger transaction on March 26, 2018. Under the transaction, AAJ Capital will acquire all of the issued and outstanding securities of PharmaCielo in exchange for the issuance of securities of AAJ Capital. As a consideration, all shareholders of PharmaCielo will receive one AAJ Capital common share for each one on a post-consolidation basis, resulting in issuance of 77.7 million shares of AAJ Capital on a non-diluted basis and 89.7 million shares of AAJ Capital on a fully diluted basis. Prior to the completion of the transaction, AAJ will consolidate all of its issued and outstanding of common shares on 11.94:1 basis. As of August 17, 2018, a definitive agreement was signed. PharmaCielo intends to conduct private placement of subscription receipts. Each PharmaCielo subscription receipt will be convertible into one PharmaCielo common share. After the completion of the transaction, existing shareholders of PharmaCielo will own a majority of the outstanding common shares of AAJ and AAJ will be renamed “PharmaCielo Ltd.”. Upon completion of the transaction, resulting issuer will be a Tier 1 Life Sciences or Industrial Issuer. On closing, it is anticipated that Anthony Wile will serve as Chief Executive Officer and Director of resulting issuer, Simon Langelier as Chairman of the Board, Delon Human as Vice Chairman of the Board, Scott Laitinen as Chief Financial Officer, Director, Matteo Pellegrini as Director, Henning von Koss as Director, David Attard as Director, David Gordon as Director, Federico Cock-Correa as Director, Carlos Manuel Uribe as Director, Jose Vicente Urueña Molina as Chairman of the Board, Patricio A. Stocker as Director, Nicolás Echavarría Mesa as Director, Gonzalo Aristizabal Londoño as Director, Luis Carlos Uribe as Director, Jaime Alberto Escobar as Chief Operating Officer, Marcelo Antunes de Siqueira as Chief Operating Officer and Diana Gómez Casas as Finance Director of the resulting issuer. The transaction is subject to customary closing condition, including completion of share consolidation by AAJ Capital, consummation of private placement, due diligence reviews, negotiation and execution of definitive transaction documentation, approval by the Board of Directors of each of AAJ Capital and PharmaCielo, approval of PharmaCielo shareholders, obtaining necessary third party approvals and TSXV acceptance. As of January 8, 2019, TSXV has conditionally approved the Plan of Arrangement as the Qualifying Transaction for AAJ subject to AAJ fulfilling all the requirements of the TSXV. Trading in the AAJ Common Shares has been halted and will remain halted until such time as all required documentation in connection with the PharmaCielo Transaction has been filed with and accepted by the TSXV and permission to resume trading has been obtained from the TSXV. AAJ and PharmaCielo expect to close the transaction on or about January 18, 2019. PharmaCielo Ltd. completed the acquisition of AAJ Capital 1 Corp. (TSXV:AAJ.P) in a reverse merger transaction on January 15, 2019. Trading of the common shares of PharmaCielo Ltd. will commence trading on the TSX Venture Exchange under the symbol “PCLO” on January 18, 2019. The board of directors and executive team of PharmaCielo now consists of: David Attard, Chief Executive Officer, President, and a Director; Scott Laitinen, Chief Financial Officer; David Gordon, Chief Corporate Officer; Simon Langelier, Chairman of the Board of Directors and a Director; Delon Human, Vice Chairman of the Board of Directors and a Director; Matteo Pellegrini, Director; Henning von Koss, Director; Federico Cock-Correa, Director; Carlos Manuel Uribe, Director; Doug Bache, Director; and Alex Bruvels, Corporate Secretary. Rory Godinho of Miller Thomson LLP acted as legal advisor to AAJ whereas Georges Dubé of McMillan LLP acted as legal advisor to PharmaCielo.