Transaction
Under the terms of the definitive agreements, the Company issued an aggregate of 382,265,941 New Shares, representing 85.47% of the outstanding common shares of the Company on a post-Transaction basis, to investment vehicles advised or managed by
Under National Instrument 45-102 Resale of Securities ("NI 45-102") all the New Shares are subject to a four (4) month hold period ending on
Vesta is a related party of the Company, and the issuance of New Shares to investment vehicles advised or managed by Vesta constitute "related party transactions" under MI 61-101, as Mr.
Consolidation
The Consolidation will be subject to TSXV acceptance and the approval of the shareholders of the Company. Management of the Company plans to hold a special meeting of shareholders for the purpose of approving the Consolidation in
Assuming receipt of TSXV acceptance and shareholder approval of the Consolidation, the Company expects there to be approximately 42,197,484 post-Consolidation common shares of the Company issued and outstanding on a non-diluted basis. Investment vehicles advised or managed by Vesta will have ownership or control or direction over an aggregate of approximately 38,226,594 post-Consolidation common shares.
The Company will provide further information on the terms of the Consolidation and the special meeting of shareholders of the Company to approve the Consolidation in due course.
About the Company
The Company develops products with leading manufacturers and iconic brand licensors by utilizing proprietary data that identifies key market opportunities.
Neither the
Forward-Looking Information
This press release may contain forward-looking information within the meaning of securities legislation. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. The use of any of the words "anticipates", "expects", "intends", "will", "would", and similar expressions are intended to identify forward-looking information. The forward looking information in this news release relates to the terms, and the approval of, the Transaction and the Consolidation. This forward-looking information is based on certain key expectations and assumptions. Although the Company believes that the expectations and assumptions on which its forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company cannot give any assurance that they will prove to be accurate. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed in this press release. Certain of these risks and uncertainties are more particularly described in the documents filed by the Company from time to time on SEDAR+ (see www.sedarplus.ca). Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date of this press release, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.
SOURCE
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