Business
Westleaf Inc. (formerly IGC Resources Inc.) Announces Closing of Reverse Takeover
Calgary, Alberta--(Newsfile Corp. - December 28, 2018) - Westleaf Inc., formerly IGC Resources...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"Westleaf Inc. (formerly IGC Resources Inc.) Announces Closing of Reverse TakeoverCalgary, Alberta--(Newsfile Corp. - December 28, 2018) - Westleaf Inc., formerly IGC Resources Inc. (TSXV: IGC.H) (the \"Corporation\") is pleased to announce that on December 28, 2018 (the \"Closing Date\"), the Corporation closed its previously announced business combination involving Westleaf Cannabis Inc. (\"Westleaf\"), constituting a \"reverse takeover transaction\" of the Corporation (the \"Transaction\") pursuant to Policy 5.2 - Changes of Business and Reverse Takeovers of the TSX Venture Exchange (the \"Exchange\")). The Corporation as it now exists as a result of the completion of the Transaction (the \"Resulting Issuer\") will continue to carry on the business of Westleaf. Subject to receiving final Exchange acceptance, the common shares of the Resulting Issuer (\"Resulting Issuer Shares\") are expected to resume trading on the Exchange in early January 2019 under the name \"Westleaf Inc.\", on a post-Consolidation (as defined below) basis and under the trading symbol \"WL\".AmalgamationPursuant to the terms of an amalgamation agreement dated October 4, 2018, as amended between the Corporation, Westleaf and 2147378 Alberta Ltd. (\"Subco\"), a wholly-owned subsidiary of the Corporation, Westleaf and Subco amalgamated on the Closing Date (the \"Amalgamation\") under the Business Corporations Act (Alberta) (\"ABCA\") to form a new company under the corporate name \"Westleaf Enterprises Inc.\" (\"Amalco\"). Prior to the Closing Date, on December 27, 2018, the Corporation amended its articles to change its name to \"Westleaf Inc.\" and to complete a share consolidation (the \"Consolidation\") of all of its issued and outstanding common shares (\"Common Shares\") on the basis of one post-Consolidation Resulting Issuer Share for every 2.9233 pre-Consolidation Common Shares. In addition, on December 27, 2018 the Corporation continued from a corporation under the Business Corporations Act (British Columbia) to a corporation under the ABCA.On the Closing Date, pursuant to the Amalgamation (with each Resulting Issuer Share being issued on a post-Consolidation basis):each common share of Westleaf (the \"Westleaf Shares\") was cancelled and replaced by one fully paid and non-assessable Resulting Issuer Share (such ratio of 1:1 being the \"Exchange Rat...