Business
Green Rise Foods Provides Update on Acquisition of 16-Acre Greenhouse
Toronto, Ontario--(Newsfile Corp. - May 11, 2022) - Green Rise Foods Inc.  (TSXV: GRF) (...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Provides Update on Acquisition of 16-Acre GreenhouseToronto, Ontario--(Newsfile Corp. - May 11, 2022) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") previously announced that it had entered into a definitive asset purchase agreement with 2073834 Ontario Limited (the \"Vendor\"), with effect as of and from April 1, 2022, to acquire a 16-acre greenhouse range located on a 34-acre farm in Kingsville, Ontario for cash consideration of approximately CDN$15 million (the \"Transaction\").The Vendor is principally owned and controlled by Adam Suder, the Chief Growth Officer of Green Rise. As a result, Mr. Suder is an \"interested party,\" and the Transaction is a \"related party transaction\" under securities legislation. As such, it is reviewable by the Ontario Securities Commission (the \"OSC\") under Multilateral Instrument 61-101 (\"MI 61-101\") and by the TSXV under the rules and policies of the TSXV.The Company has made an application to the OSC for exemptive relief pursuant to sections 5.5 (c) and 5.7 (e) of MI -61 101 from the formal valuation and minority approval requirements applicable to related party transactions under MI-61-101 on the basis that the Transaction enjoys the support of persons who jointly beneficially own, or have control and direction over, 14,439,375 voting common shares representing 31.8% of all outstanding common shares of the Corporation ( greater than the 2,578,947 voting common shares beneficially owned by, or over which control and direction is exercised by, Adam Suder as the interested party). Furthermore, the Transaction enjoys the support of a majority of the disinterested shareholders, such persons being principally comprised of members of the Board of Directors, including all independent directors, a former director and certain members of Green Rise Management.On April 11, 2022, the TSXV conditionally accepted for filing notice of the Transaction subject to certain conditions, which the Company has addressed in an application for final acceptance filed with the TSXV.The Company is anticipating receipt of exemptive relief from the OSC and final acceptance from the TSXV this month and will announce if and when such relief and acceptance is obtained.Otherwise, the arrangements for the closing of the Transaction are proceeding satisfactorily, and the Com...