Canopy Rivers Mails Circular for Special Meeting of Shareholders and Announces Receipt of Interim Court Order for Plan of Arrangement
ORONTO, Jan. 20, 2021 /PRNewswire/ - Canopy Rivers Inc. ("Rivers" or the "Company") (TSX: RIV) (OTC: CNPOF) today filed and mailed the management information circular (the "Circular") and related materials in connection with the special meeting (the "Meeting") of shareholders to be held virtually on February 16, 2021 at 10:00 a.m. (Toronto time).
In light of the ongoing coronavirus pandemic and to mitigate against its risks, the Meeting will be held in a virtual only format via live audio webcast, available to all stakeholders at https://c212.net/c/link/?t=0&l=en&o=3043212-1&h=1222065939&u=http%3A%2F%2Fweb.lumiagm.com%2F261351529&a=http%3A%2F%2Fweb.lumiagm.com%2F261351529, password "canopy2021" (case sensitive). During the audio webcast, shareholders will be able to hear the Meeting live, and registered shareholders and duly appointed and registered proxyholders will be able to submit questions and vote while the Meeting is being held.
At the Meeting, shareholders will be asked to consider and, if deemed advisable, to pass a special resolution approving the previously announced plan of arrangement (the "Transaction") with Canopy Growth Corporation ("Canopy Growth") (TSX: WEED, NASDAQ: CGC), pursuant to which Rivers will transfer three portfolio assets to Canopy Growth in exchange for $115 million in cash, 3,750,000 common shares1 in Canopy Growth, and the cancellation of all the multiple voting shares ("MVS") and subordinate voting shares ("SVS") of Rivers held by Canopy Growth. As part of the Transaction, the Company will also change its corporate name to "RIV Capital Inc."
In addition, Rivers is pleased to announce that on January 14, 2020, it was granted an interim order by the Ontario Superior Court of Justice (Commercial List) (the "Court") authorizing various matters, including the holding of the Meeting and the mailing of the Circular.
The Company's board of directors, other than certain conflicted directors (the "Board"), unanimously approved the Transaction following a unanimous recommendation of a special committee, which was composed of directors independent of Canopy Growth, TerrAscend Corp. ("TerrAscend") and management of Rivers. Both the special committee and the Board determined that the Transaction is fair to, and in the best interests of, the Company and unanimously recommend that shareholders vote in favour of the Transaction at the Meeting.
Canopy Rivers Mails Circular for Special Meeting of Shareholders and Announces Receipt of Interim Court Order for Plan of Arrangement (yahoo.com) |
