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Canna 8 Investment Trust Provides Update on the Proposed Qualifying Transaction with Real Industrial Investment Trust
Toronto, Ontario--(Newsfile Corp. - September 18, 2020) - Canna 8 Investment Trust (TSXV: RCR....
About this update from Canna 8 Investment Trust
[{"type":"text","content":"Canna 8 Investment Trust Provides Update on the Proposed Qualifying Transaction with Real Industrial Investment TrustToronto, Ontario--(Newsfile Corp. - September 18, 2020) - Canna 8 Investment Trust (TSXV: RCR.P) (\"Canna 8\") is pleased to provide an update on its previously announced proposal for a Qualifying Transaction (the \"Proposed Transaction\") with Real Industrial Investment Trust (\"Real Industrial\"), a trust formed pursuant to the laws of the Province of Ontario.Canna 8's prior news release of April 17, 2020 noted that Canna 8 has entered into a letter of intent (the \"LOI\") with Real Industrial Investment Trust (\"Real Industrial\") whereby Canna 8 and Real Industrial will complete an arrangement, merger, unit exchange or similar transaction to ultimately form the resulting issuer (the \"Resulting Issuer\"). Subject to TSX Venture Exchange (the \"TSXV\") approval, it is intended that the Proposed Transaction will constitute Canna 8's \"Qualifying Transaction\" under Policy 2.4 - Capital Pool Companies (\"Policy 2.4\") of the TSXV and that the Resulting Issuer will be listed as a Tier 1 Real Estate Issuer on the TSXV. The LOI was conditional on Real Industrial completing the acquisition of certain real property located in Kirkland, Ontario (the \"Kirkland Property\") and completing a private placement for minimum gross proceeds of $5 million (the \"Concurrent Private Placement\"). Both Canna 8 and Real Industrial (the \"Parties\") recently agreed to amend the LOI to change the following:1. The real property from Kirkland Property to Fish Creek property located in Calgary, Alberta (the \"Fish Creek Property\").2. Delete the requirement of a Concurrent Private Placement for minimum gross proceeds of $5 million (the \"Concurrent Private Placement\").3. Amend the outside closing date from September 30, 2020 to December 30, 2020. If the Proposed Transaction is completed, it is currently anticipated that the board of trustees and executive officers of the Resulting Issuer (the \"New Slate\") will be as follows: Dean Parmar - Trustee and Chief Executive OfficerScott Bartholomew - Trustee and Chief Financial OfficerLawrence Guy - TrusteeShant Poladian - TrusteeIt is expected that at least one additional director and/or officer will be added to the board and/or management team of the Resulting Issuer upon completion of the...