WPD Pharmaceuticals sp. z o.o. entered into letter of intent to acquire Westcot Ventures Corp. (TSXV:WET.H) in a reverse merger transaction on April 26, 2019. As reported on July 17, 2019, WPD Pharmaceuticals sp. z o.o. entered into a definitive share exchange agreement to acquire Westcot Ventures Corp. Under the transaction, Westcot Ventures will acquire all of the issued and outstanding shares of WPD Pharmaceuticals in exchange for 67 million common shares of Westcot Ventures. As per the amendment dated December 16, 2019, an update to the exchange ratio of Westcot Ventures Corp. shares issuable in exchange for each WPD Pharmaceuticals security, which accounts for updates to WPD Pharmaceuticals's share capitalization. Upon signing of the definitive agreement, Westcot Ventures will provided WPD Pharmaceuticals with a secured bridge loan in the amount of CAD 0.2 million. Walter Klemp and Peter Novak will join the Board of Westcot Ventures on closing of the transaction alongside, Westcot's current Directors, Liam Corcoran and Yari Nieken. It is anticipated that Westcot's current Chief Executive Officer, Liam Corcoran, will resign and be replaced by Mariusz Olejniczak. Liam Corcoran will serve as Canadian Vice President of Legal and Corporate Secretary. As per the amendment dated December 16, 2019, Yari Nieken's resignation as a director of resulting issuer upon closing of the transaction and Teresa Rzepczyk will join the board of director of the resulting issuer upon closing.

The transaction is subject to entry into definitive agreement, due diligence investigation, third party approval, shareholder approval, WPD Pharmaceuticals having no indebtedness or liabilities or outstanding convertible securities in the capital of Westcot Ventures, former holders of WPD Pharmaceuticals having entered into escrow agreements, Westcot Ventures having a minimum of CAD 3.2 million in the treasury after payment of all cost, regulatory approvals. The transaction is not subject to approval by the shareholders of Westcot Ventures. A finder's fee of 4.5 million shares of the resulting entity, will be paid to Jason Sundar, an arm's length party, subject to completion of the transaction. The TSX Venture Exchange has accepted Westcot Ventures Corp.'s application to delist its common shares from the TSXV. It is expected that the Delisting will be effective at the close of trading on December 18, 2019. Upon completion, the resulting entity intends to list its common shares on the Canadian Securities Exchange. Westcot Ventures Corp. has received conditional approval from Canadian Securities Exchange to list the resulting issuer shares for trading upon completion of the transaction.