Business
Future Farm Announces Issuance of Interim Order and Provides Updates for Nextech Spin-out
Future Farm Announces Issuance of Interim Order and Provides Updates for Nextech Spin-out.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n\n\nFuture Farm Announces Issuance of Interim Order and Provides Updates for Nextech Spin-out\n\n\n\n\n\nFuture Farm Announces Issuance of Interim Order and Provides Updates for Nextech Spin-out\nPR Newswire\nVANCOUVER, British Columbia, June 25, 2018\n\n\n\nVANCOUVER, British Columbia, June 25, 2018 /PRNewswire/ --\n\nFuture Farm Technologies Inc. (the \"Company\" or \"Future Farm\") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that on June 21 the Supreme Court of British Columbia issued the Interim Order permitting Future Farm to conduct an annual general and special meeting of its shareholders at 10:00 a.m. (Vancouver time) on Thursday, July 26, 2018 at 1200 - 750 West Pender Street, Vancouver, British Columbia. At the meeting the shareholders will, amongst other things, consider and, if deemed advisable, pass, with or without amendment, a special resolution authorizing a plan of arrangement among Future Farm, the Future Farm shareholders and NexTech AR Solutions Corp. (\"NexTech\").  \n\nIf the plan of arrangement is approved, Future Farm will, effectively, spin-out 11,000,000 common shares of NexTech now owned by Future Farm to the Future Farm shareholders on a pro rata basis. Future Farm shareholders will then own approximately 25.86% of the issued and outstanding common shares of NexTech. On a per share basis, Future Farm shareholders would be entitled to receive, for every one common share of Future Farm held by them, a fraction of a NexTech common share equal to the quotient of 11,000,000 NexTech common shares divided by the number of Future Farm common shares outstanding on the close of business on the last trading day on the CSE immediately prior to the effective date (the \"Effective Date\") of the plan of arrangement. For example, based on the 125,577,358 Future Farm common shares issued and outstanding as of June 22, 2018, Future Farm shareholders would be entitled to receive, for every one Future Farm common share held, approximately 0.0876 of a NexTech common share. The actual ratio will be different because it is not possible at this time to know the exact number of Future Farm shares that will be outstanding on the last trading day before the Effective Date.\n\nThe last trading day on the CSE immediately prior to the Effective Date will also be the record date for the distribution of ...