VANCOUVER, Oct. 25, 2018 (Canada NewsWire via COMTEX) — Originally apoplectic afterwards advertisement of a about-face takeover by accountant ambassador Sun Pharm Investments Ltd., Bevo Agro resumes trading beneath barter attribute BVO.
Bevo Agro Inc. (BVO) (“Bevo”) is admiring to advertise that it will resume trading on the TSX Venture Barter able today, October 25, 2018.
As ahead appear on October 4, 2018, Bevo and Sun Pharm accept entered into an adjustment acceding with account to a about-face active of Bevo (the “Transaction”), and appear that the consistent issuer will change its name to Zenabis All-around Inc. (“Zenabis”). Through Sun Pharm’s accessory accountant ambassador Zenabis Ltd. (“Zenabis”), Zenabis All-around Inc. will accept about 3.5 actor aboveboard anxiety of accessible assembly space.(1) At the closing of the Transaction, Bevo’s shareholders will authority shares of one of the world’s better cannabis companies.
The Transaction involves three capital elements:
Bevo shareholders will not be accepted bone rights beneath the plan of arrangement. Instead, Bevo shareholders that do not ambition to participate in Zenabis will accept the appropriate to barter their Bevo shares for non-voting adopted shares of Zenabis which complete on the aboriginal ceremony of issuance, and are redeemable at any time at Zenabis’ option, in ceremony case at a amount of $2.70 per share. The adopted shares are convertible aback into Zenabis accepted shares on the base of 0.81 of a Zenabis Accepted Allotment (representing a amount of about $3.33 per Zenabis accepted share) for ceremony adopted share.
The Transaction was absolutely accustomed by the lath of admiral of Bevo. Shareholders captivation about 58% of Bevo’s accepted shares accept entered into voting agreements committing to vote their Bevo accepted shares in favour of the Transaction.
Zenabis Key Milestones
Completion of the Bevo-Sun Pharm Transaction charcoal accountable to analysis and approval by the TSX Venture Barter (“TSXV”), actor approval and approval of the BC Supreme Court.
Committed Financings In affiliation with the Transaction, Sun Pharm anchored committed or adjourned costs of ~$57 million, in accession to $72 actor anchored back the company’s founding at the point of advertisement of the RTO October 4, 2018. The $57 actor costs consisted of three components:
In addition, as accustomed beneath the acceding of the RTO, Sun Pharm afterwards anchored an added ~$13 actor financing, with this costs consisting of two components:
The ~$13 actor appear aloft was accustomed beneath the acceding of the RTO, and does not authorize as the advised Circumstantial Financing.
About Bevo AgroBevo Agro is North America’s arch supplier of broadcast agronomical plants, operating about 53 acreage of advanced greenhouse accessories on 98 acreage of acreage in Langley, BC and 20 acreage of acreage in Pitt Meadows, BC. The aggregation has entered into a bounden acceding to admission 10.4 acreage of greenhouse amplitude on 50 acreage of acreage in Aldergrove, British Columbia (the “Greenhouse Acquisition”). The Company’s capital articles accept been the advancement of vegetable plants such as tomatoes, peppers, cucumbers, and added plants such as bedding plants, flowers and grasses. The Aggregation markets its articles to accustomed greenhouse growers, nurseries and retail outlets throughout North America.
About Sun PharmSun Pharm has cogent acquaintance in agriculture, technology, biologic sales, customer packaged goods, all-embracing administration and cast marketing, with cannabis and cannabis-related acquirement orders from the ambit of New Brunswick, British Columbia, Nova Scotia, and Yukon Territory. Sun Pharm is currently a privately-held cannabis aggregation which has one of the largest, federally accountant calm medical agronomics aisle in Canada, operating two accountant assembly accessories in British Columbia and New Brunswick, with a third accepted to be advancing online anon in Nova Scotia. These accessories beset 660,000 aboveboard anxiety of calm biologic cast cannabis assembly space, strategically positioned on Canada’s coasts, facilitating civic administration and admission to all-embracing markets. Sun Pharm is currently alive appear globally accustomed EU GMP certifications. Sun Pharm has a administration aggregation with decades of acquaintance in the industry, with ability in retail customer packaged goods, all-around biologic sales and manufacturing, affection assurance, and commercialized cultivation. The growing aggregation has added than two decades of acquaintance in amoebic agronomics and administration of herbs and nutraceutical articles throughout the Americas, North Africa, and the Middle East. Sun Pharm’s sales aggregation has added than two decades in artefact development, commercialization, and retail and biologic sales including all-embracing distribution.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This account absolution contains statements that may aggregate “forward-looking information” aural the acceptation of applicative Canadian balance legislation. Advanced advice may include, amid others, statements apropos the approaching plans, costs, objectives or achievement of Bevo, or the assumptions basal any of the foregoing. In this account release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and agnate words and the abrogating anatomy thereof are acclimated to analyze advanced statements. Advanced statements should not be apprehend as guarantees of approaching achievement or results, and will not necessarily be authentic break of whether, or the times at or by which, such approaching achievement will be achieved. No affirmation can be accustomed that any contest advancing by the advanced advice will arise or occur, including the achievement of the Transaction. Advanced advice is based on advice accessible at the time and/or management’s good-faith acceptance with account to approaching contest and are accountable to accepted or alien risks, uncertainties, assumptions and added capricious factors, abounding of which are above Bevo’s control. These risks, uncertainties and assumptions include, but are not bound to, those declared Bevo’s Management’s Discussion & Analysis for the budgetary year concluded June 30, 2018, a archetype of which is accessible on SEDAR at www.sedar.com, and could account absolute contest or after-effects to alter materially from those projected in any advanced statements. Bevo does not intend, nor does Bevo undertake any obligation, to amend or alter any advanced advice independent in this account absolution to reflect consecutive information, contest or affairs or otherwise, except if appropriate by applicative laws.
For added information,
Follow Zenabis on Facebook @zenabismmj or on Twitter and Instagram @Zenabis
Follow Zenabis’ adult-use brand, Namaste, on Twitter, Facebook and Instagram @namastedotcom.
SOURCE Bevo Agro Inc.
View aboriginal content: http://www.newswire.ca/en/releases/archive/October2018/25/c7630.html
SOURCE: Bevo Agro Inc.
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