Business
Everton Resources Announces Target, Molecule Inc., Receives Cannabis Processing Licence and Provides Update on Shareholder Meetings
(via TheNewswire) Ottawa, Ontario - TheNewswire - March 25, 2020 - Everton Resourc...
About this update from Evolve Royalties Ltd.
[{"type":"text","content":"Everton Resources Announces Target, Molecule Inc., Receives Cannabis Processing Licence and Provides Update on Shareholder Meetings(via TheNewswire)\n \n \nOttawa, Ontario - TheNewswire - March 25, 2020 - Everton Resources Inc. (TSXV:EVR) (\"Everton\" or the \"Company\") is pleased to announce that Molecule Inc. (\"Molecule\"), the private Ontario corporation with which Everton has entered into an Arrangement Agreement (as announced on December 3, 2019 (the \"Dec 19 PR\"), received a Cannabis Processing License (the \"Licence\") on February 28, 2020 under the Cannabis Act (Canada) and the Cannabis Regulations (Canada). \n\n\n \nMolecule is a beverage formulation, manufacturing and distribution company. Molecule has built a filtration, dosing, and canning line capable of producing 6 million cans (expandable to 20 million cans) and has established relationships with provincial regulatory bodies enabling sale of cannabis beverages to the controlled retail market. Molecule has been working closely with brand companies to determine production schedules to follow its final regulatory inspection and approvals. Molecule is ramping up to begin producing Cannabis Infused Beverages to consumers and distributing them to provincial wholesalers.\n\n\n \nThe Licence applies to the existing two (2) buildings on Molecule's leased property as well as over 200,000 square feet within the secure perimeter fence. \n\n\n \nShareholder Meetings\n\n\n \nAs announced in the Dec 19 PR, Everton has entered into a definitive arrangement agreement dated November 27, 2019 (the \"Arrangement Agreement\") with Molecule, pursuant to which the Company will acquire (the \"Proposed Transaction\") all of the issued and outstanding securities of Molecule, by way of plan of arrangement (the \"Plan of Arrangement\") under the Business Corporations Act (Ontario), which will result in the shareholders of Molecule holding the majority of the outstanding shares of the Company upon closing of the Proposed Transaction (the \"Resulting Issuer\"). \n\n\n \nAlso as disclosed in the Dec 19 PR, as the Proposed Transaction may be considered a \"related party transaction\" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions and Policy 5.9 of the TSXV, the Company will obtain the approval of the majority of the ...