Warren Van Orman, Doug Decksheimer and Roger Saran made a non-binding proposal to acquire Rifco Inc. (TSXV:RFC) for CAD 25 million on August 10, 2021. Under the terms, Rifco will receive CAD 1.15 per share. Jeffrey Newhouse has decided to step down as Chief Executive Officer of Rifco. If approved by the board of Rifco, an agreement pursuant to a Plan of Arrangement would be presented for approval at a Special Meeting of the Rifco shareholders, which is expected to held in late September or early October, 2021. A special committee of Rifco's Board has been constituted to review the proposal. Raymond James Ltd. acted as financial advisor to Rifco special committee. Miller Thompson LLP is acting as counsel to Rifco. Warren Sinclair LLP is acting as counsel to the buyers.