Cannabix Technologies Inc. Announces Record Date of Plan of Arrangement
06 March 2015 - 6:56AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / March 5, 2015 /
Cannabix Technologies Inc.
(CSE: BLO) (OTC PINK: BLOZF), is pleased to announce that, further
to the previously announced plan of arrangement (the "Arrangement")
with Torino Ventures Inc. ("Spinco"), a private British Columbia
company and wholly-owned subsidiary of the Company, the Company has
set the record date for the Arrangement as March 10, 2015. Refer to
the Company's Information Circular dated January 14, 2015, for
additional information concerning the Arrangement.
The record date for the Arrangement has been set
as March 10, 2015 (the "Record Date"), which is the date for
shareholders of the Company (the "Shareholders") to participate in
the Arrangement. The Company anticipates that the effective date
for the Arrangement will be on or about March 12, 2015 (the
"Effective Date"). Shareholders of record on the Effective Date
will receive one new common share and one Class 1 Reorganization
Share of the Company. On the Effective Date, and pursuant to the
Arrangement, all of the Class 1 Reorganization Shares will be
automatically transferred by Shareholders to Spinco in exchange for
8,000,000 common shares of Spinco to be issued to Shareholders on a
pro rata basis (resulting in approximately 0.16 common shares of
Spinco being issued for every one Class 1 Reorganization Share
based on the Company's current number of issued and outstanding
shares). Immediately following this, the Company will redeem all of
the Class 1 Reorganization Shares by the transfer to Spinco of
$10,000 cash and the Hazeur Gold Property, also known as the
Monster Lake Property, and all assets related thereto.
Fractional shares of Spinco will not be issued and
any fractional shares resulting from the Arrangement will be
cancelled. As the rights and restrictions of the new common shares
are identical to the current common shares, no replacement share
certificates for the new common shares will be distributed to
Shareholders. Share certificates for the Spinco common shares will
be distributed or credited to Shareholders of record on the
Effective Date.
The
shares of the Company will trade ex-distribution on March 6, 2015,
meaning that purchasers of the Company's shares after March 6,
2015, will not receive Spinco shares pursuant to the
Arrangement.
On behalf of the Board of Directors
"Rav Mlait"
CEO
Cannabix Technologies
Inc.
The CSE has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward Looking
Information
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of Cannabix such as the statement that the Plan of
Arrangement may be effected. There are numerous risks and
uncertainties that could cause actual results and Cannabix's plans
and objectives to differ materially from those expressed in the
forward-looking information, including factors beyond Cannabix's
control. Actual results and future events could differ materially
from those anticipated in such information. These and all
subsequent written and oral forward-looking information are based
on estimates and opinions of management on the dates they are made
and are expressly qualified in their entirety by this notice.
Except as required by law, Cannabix assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change.
SOURCE: Cannabix Technologies Inc.
Bullion Res (LSE:BLO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bullion Res (LSE:BLO)
Historical Stock Chart
From Apr 2023 to Apr 2024