VANCOUVER, Aug. 13, 2019 /CNW/ – Hempco Meals and Fiber Inc. (“Hempco“) (TSX-V: HEMP) is pleased to announce that at today’s unique meeting of shareholders of Hempco (the “Meeting“). It received overwhelming assistance in favour of the previously announced proposed transaction with Aurora Cannabis Inc. (“Aurora”) (NYSE: ACB) (TSX: ACB). Wherein Aurora has agreed to obtain all issued and outstanding widespread shares of Hempco not currently owned by Aurora by way of a strategy of arrangement (the “Arrangement“).
Hempco Shareholders Votes
Of the votes cast, much more than 98.84 % of Hempco shareholders who voted had been in favour of the proposed transaction (93.66% following excluding the votes cast by Aurora whose votes could not be incorporated in figuring out minority approval for the Arrangement pursuant to Multilateral Instrument 61-101 Protection of Minority Safety Holders in Unique Transactions) (“MI 61-101“).
The Arrangement needed approval by at least two-thirds (66⅔%) of the votes cast by Hempco shareholders. No matter if present in particular person or by proxy and entitled to vote at the Meeting. And a majority of the votes cast by Hempco shareholders following excluding the votes cast by Aurora.
Hempco’s Interim CEO, John Ross States:
“We are quite pleased to have received such overwhelming consent from our shareholders for this crucial advancement towards Hempco’s future. Assuming the timely receipt of the remaining regulatory and Court approvals. The transaction is anticipated to close rapidly,” stated John Ross, Hempco’s Interim CEO. “I think I speak for absolutely everyone at Hempco, when I say we quite a great deal appear forward to becoming a meaningful contributor to the all round worldwide hemp approach for Aurora.”
Hempco and Aurora entered into a definitive agreement on June 28, 2019. For the proposed acquisition of Hempco by Aurora below the Arrangement, pursuant to which every single outstanding share of Hempco not currently owned by Aurora will be exchanged for around .08659 Aurora shares.
Hempco Looking for Supreme Court Approval
Hempco is searching for a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing anticipated to be held on August 15, 2019.
In addition to the approval of the court, completion of the Arrangement remains topic to other customary closing circumstances. This involves receipt of applicable regulatory and third-celebration approvals. The consents which could be needed to impact and full the transaction. And the approval of the Toronto Stock Exchange and New York Stock Exchange (in respect of Aurora) and the TSX Venture Exchange (in respect of Hempco).
Hempco and Aurora Transaction Closing
It is presently anticipated that, topic to satisfaction of all closing circumstances. The transaction will close by the finish of August 2019. Following the completion of the Arrangement, Hempco shares will be delisted from the TSX Venture Exchange. And Aurora will apply to securities commissions for Hempco to cease to be a reporting issuer below Canadian securities laws.
Additional information and facts concerning the Arrangement Agreement is offered in Hempco’s management information and facts circular dated July 15, 2019. In respect of the Meeting accessible below Hempco’s profile on SEDAR at www.sedar.com.
Hempco produces and markets the brands PLANET HEMP™ and PRAISE, hemp-primarily based foods and nutritional supplements for people today and animals. It is expanding its processing capacity to meet worldwide demands in a 56,000 sq. ft. facility positioned at Nisku, Alberta. Hempco’s widespread shares trade on the TSX Venture Exchange below the symbol “HEMP”.
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