Business
Green Rise Announces Resignation of Officers and Agreement to Purchase Shares
Toronto, Ontario--(Newsfile Corp. - July 27, 2020) - Green Rise Capital Corporation (TSXV: GRF...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Announces Resignation of Officers and Agreement to Purchase SharesToronto, Ontario--(Newsfile Corp. - July 27, 2020) - Green Rise Capital Corporation (TSXV: GRF), doing business as Green Rise Foods (\"Green Rise\" or the \"Company\") and its wholly-owned subsidiary, Bull Market Farms Inc. (\"Bull Market\"), announce today that they have accepted the resignations of Matthew Tatomir and Scott Linnell in their roles as President and Chief Financial Officer, respectively, of Bull Market. The board of directors of Green Rise thanks Matthew Tatomir and Scott Linnell for their service to the Company and wish them well in their future endeavours.In addition, Green Rise has entered into an agreement with certain shareholders of the Company (the \"Selling Shareholders\"), pursuant to which the Selling Shareholders have agreed to sell in aggregate 26,210,527 common shares of Green Rise, representing 43.8% of the outstanding common shares of the Company. Under the terms of the agreement, Green Rise may purchase up to a maximum of up to 15,000,000 of the common shares being sold by the Selling Shareholders. All remaining shares will be purchased by a group of existing shareholders of the Company in private agreements. No one shareholder would own more than 20% of the Company's outstanding shares as a result of the purchases. Any shares purchased by the Company will be cancelled. The purchase price for the shares will be C$0.11 per share. The Company will fund the repurchase of common shares with cash on hand. The aggregate purchase price for the Company to repurchase 15,000,000 common shares would be $1,650,000. The sale of common shares by the Selling Shareholders is subject to a number of conditions, including approval of the TSXV. The repurchase of common shares by the Company will constitute an \"issuer bid\" as such term is defined under National Instrument 62-104 - Take-Over Bids and Issuer Bids (\"NI 62-104\"). In order for the Company to repurchase more than 2,994,827 common shares from the Selling Shareholders, the Company would be required under NI 62-104 to conduct a formal issuer bid to provide all shareholders the opportunity to sell their shares to the Company on the same terms. The Company intends to promptly apply for an exemption from the requirements related to issuer bids set out in NI 62-104 in order to allow t...