Business
Green Rise Announces Closing of Settlement Transaction
Toronto, Ontario--(Newsfile Corp. - August 27, 2020) - Green Rise Capital Corporation (TSXV:...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Announces Closing of Settlement TransactionToronto, Ontario--(Newsfile Corp. - August 27, 2020) - Green Rise Capital Corporation (TSXV: GRF), doing business as Green Rise Foods (\"Green Rise\" or the \"Company\"), is pleased to announce that it closed its previously announced settlement transaction today. Pursuant to the agreement (the \"Settlement Agreement\") announced July 27, 2020 between the Company and Galifi Inc., 851393 Ontario Ltd. and 2626547 Ontario Limited (together, the \"Selling Shareholders\"), among others, the Selling Shareholders sold an aggregate of 26,210,527 common shares of Green Rise (the \"Common Shares\") at a purchase price of C$0.11, with 14,974,133 Common Shares repurchased by the Company for cancellation and 11,236,394 Common Shares purchased by other parties including Enrico (Rick) Paolone and Vincent Narang (together, the \"Settlement Transaction\"). The purpose of the Settlement Transaction was to settle certain disputes that arose between the Sellers and the Company.Immediately prior to the closing of the Settlement Transaction, Galifi Inc. held 12,631,579 Common Shares, 851393 Ontario Ltd. held 7,263,159 Common Shares and 2626547 Ontario Limited held 6,315,789 Common Shares, representing 21.1%, 12.1% and 10.5% of the issued and outstanding Common Shares, respectively. Immediately following the closing of the Settlement Transaction, the Selling Shareholders no longer had ownership or control over any Common Shares. In aggregate, the Sellers received C$2,883,157.97 in consideration for their Common Shares.The address of the Sellers is c/o Bennett Jones LLP, 100 King St W Suite 3400, Toronto, ON M5X 1A4, attn: Gordon McKenna. A copy of the early warning report being filed by each of the Sellers may be obtained by contacting Gordon McKenna, counsel to the Sellers, at 416-777-4664 and will also be available under Green Rise's SEDAR profile at www.sedar.com. Immediately prior to the closing of the Settlement Transaction, Mr. Paolone held, directly or indirectly, 5,016,653 Common Shares representing 8.4% of the issued and outstanding Common Shares and Mr. Narang held, directly or indirectly, 4,184,375 Common Shares representing 7.0% of the issued and outstanding Common Shares. As part of the Settlement Transaction, Mr. Paolone acquired 2,727,296 Common Shares for C$300,002.56 and Mr. Narang ...