Business
City View Announces Spin-Out of Cannibis Assets to Existing Shareholders
Toronto, Ontario--(Newsfile Corp. - May 15, 2025) - City View Green Holdings Inc. (CSE: CVGR) (OTC Pink: CVGRF) (FSE: CVY) (the "Company" or "City View") is pleased to announce the execution of a definitive arrangement agreement (the "Arrangement Agreement") with City View's subsidiary, 2590672 Ontario Inc. ("259 OnCo") in respect of the spin-out of its cannabis assets (the "Assets"), to its shareholders by way of a share capital reorganization effected through a statutory plan ...
About this update from City View Green Holdings, Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - May 15, 2025) - City View Green Holdings Inc. (CSE: CVGR) (OTC Pink: CVGRF) (FSE: CVY) (the "Company" or "City View") is pleased to announce the execution of a definitive arrangement agreement (the "Arrangement Agreement") with City View's subsidiary, 2590672 Ontario Inc. ("259 OnCo") in respect of the spin-out of its cannabis assets (the "Assets"), to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement (the "Arrangement") pursuant to the arrangement provisions of the Business Corporations Act (British Columbia) (the "Act"). Under the Arrangement, City View will distribute the common shares (each, a "259 Share") of 259 OnCo to City View shareholders.","length":833,"tagName":"p"},{"type":"text","content":"Under the Arrangement, City View's current shareholders will receive 259 Shares by way of a share exchange, pursuant to which each existing common share of 259 OnCo will be exchanged for one new common share of City View and 0.032 of a 259 Share, or as otherwise determined by the board of directors of the Company. On completion of the Arrangement, City View shareholders will maintain their interest in City View and will obtain a proportionate interest in 259 OnCo.","length":472,"tagName":"p"},{"type":"text","content":"The reorganization will be effected pursuant to s. 289 of the Act and must be approved by the Supreme Court of British Columbia and by the affirmative vote of 66 2/3% of City View's shareholders in attendance at a shareholders' meeting to be held on or before December 31, 2025 (the "Meeting").","length":312,"tagName":"p"},{"type":"text","content":"Rob Fia, CEO, commented: "The proposed spin-out of City View Green Holdings Inc.'s cannabis assets in subsidiary 259 OnCo offers several potential benefits for shareholders. By separating 259 OnCo into a new, independently listed entity, both the core change of business entity and the cannabis business can pursue focused growth strategies tailored to their respective markets. Crucially, 259 OnCo would expect to retain significant non-capital tax losses of approximately $25,500,000 which expire between 2034 and 2044 which could be strategically utilized to offset future ...