Business
CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) Jointly Announce Entering into Definitive Agreement for Proposed Amalgamation
October 17, 2018 - Calgary, Alberta, Canada – CanadaBis Capital Inc. " TSXV:CANB.P " ...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) Jointly Announce Entering into Definitive Agreement for Proposed AmalgamationOctober 17, 2018 - Calgary, Alberta, Canada – CanadaBis Capital Inc. \"TSXV:CANB.P\" (\"CanadaBis\" or the \"Company\"), an Alberta capital pool corporation listed on the TSX Venture Exchange, and 1926360 Alberta Ltd. doing business as Stigma Pharmaceuticals (\"Stigma\"), a life sciences products company specializing in the growth and marketing of medical cannabis and cannabis products with a facility located in Red Deer, Alberta, are pleased to announce (further to the press release dated August 1, 2018), that the parties have entered into an amalgamation agreement (the \"Amalgamation Agreement\") dated October 1, 2018 pursuant to which a subsidiary of CanadaBis will amalgamate (the \"Amalgamation\") with Stigma. The Amalgamation is considered an \"arm's length\" transaction as defined in the policies of the TSX Venture Exchange (the \"Exchange\").Pursuant to the Amalgamation Agreement, the parties thereto will effect a \"three-cornered\" amalgamation whereby 2146541 Alberta Ltd. (a wholly-owned subsidiary of CanadaBis) and Stigma will amalgamate with holders of Stigma each receiving one common share of CanadaBis (\"CanadaBis Share\"), for every common share in Stigma held (the \"Transaction\"). The Transaction is expected to constitute a Qualifying Transaction of CanadaBis pursuant to TSXV Policy 2.4 Capital Pool Companies, subject to Exchange approval, and upon completion thereof CanadaBis will be a Tier 2 Life Sciences Issuer. As disclosed in the Company's August 1, 2018 release, upon completion of the Transaction, CanadaBis will be engaged in the growth and marketing of medical cannabis and cannabis products through its grow facility located in Red Deer, Alberta. Immediately after the completion of the Amalgamation, on a non-diluted basis, the former holders of Stigma shares will own approximately 90,060,000 CanadaBis Common Shares, representing 93.27% of the shares of the Resulting Issuer, including shares issued in connection with the Escrow Transfer (as defined below). The existing holders of CanadaBis will own 6,500,000 CanadaBis Common Shares (6.73%) of the Resulting Issuer (net of the shares to be transferred pursuant of the Escrow Transfer). A deemed value of...