Overview of Private Placement
Under the Private Placement, the Company will issue up to
Holders of the 2020 CVRs will be entitled to receive an amount of money from the proceeds of the Company’s arbitration proceedings against the
Under the terms of the Investment Agreement, the Private Placement will be completed in two tranches: (i) a first tranche of up to
Board Approval
As certain Eligible CVR Holders who are also significant shareholders of the Company and certain directors of the Company will or may be participating in the Private Placement, the transaction would ordinarily be subject to the “minority approval requirements” set forth in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Board of Directors, including its independent members, have determined, in light of the Company’s circumstances, that the Company is eligible to rely on the exemption from minority approval requirements provided by Subsection 5.7(e) of MI 61-101.
Company Profile
Forward-Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements with respect to the completion of the Private Placement and the use of proceeds from the Private Placement. All statements, other than statements of historical fact, included herein are forward-looking statements that involve known and unknown risks and uncertainties. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE
For further information:
Tel: +1 604 682 8212, TF: +1 855 682 8212.
CO:
Source:
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