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James E. Wagner announces conclusion of Sales and Investor Solicitation Process with Trichome Financial Corp. as the "Successful Bidder"
James E. Wagner announces conclusion of Sales and Investor Solicitation Process with Trichome Financial Corp. as the "Successful Bidder".
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n\n\n\nJames E. Wagner announces conclusion of Sales and Investor Solicitation Process with Trichome Financial Corp. as the \"Successful Bidder\"\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nJames E. Wagner announces conclusion of Sales and Investor Solicitation Process with Trichome Financial Corp. as the \"Successful Bidder\"\nCanada NewsWire\nKITCHENER, ON, May 19, 2020\n\n\n\nKITCHENER, ON, May 19, 2020 /CNW/ - James E. Wagner Cultivation Corporation (the \"Corporation\") (NEX: JWCA.H; OTCQX: JWCAF) announced today that, in connection with its consensual restructuring under the Companies' Creditors Arrangement Act (the \"CCAA\") and previously announced Sales and Investor Solicitation Process (the \"SISP\"), Trichome Financial Corp. (\"Trichome Financial\") has emerged as the \"Successful Bidder\".\nOn April 1, 2020, the Corporation announced that it and its subsidiaries (the \"JWC Group\") had obtained an initial order from the Ontario Superior Court of Justice (Commercial List) (the \"Court\") for protection under the CCAA in order to restructure the JWC Group's business and financial affairs. In connection with the announcement of the CCAA proceedings, the Corporation also announced that Trichome Financial had agreed to purchase the assets of the JWC Group pursuant to an asset purchase agreement (\"Asset Purchase Agreement\"). Trichome Financial was to be the \"stalking horse\" bidder in the SISP and the transaction contemplated by the Asset Purchase Agreement was to be the \"stalking horse\" bid (the \"Bid\"). \nOn April 13, 2020, the Corporation announced that it had obtained a further Court order approving the SISP (including the stalking horse process which would seek higher and better bids than the Bid), and the SISP was conducted within the CCAA proceedings by Stoic Advisory Inc., the JWC Group's financial advisor, under the supervision of the Special Committee of the Board of Directors of the Corporation and KSV Kofman Inc., the Court-appointed CCAA monitor (the \"Monitor\"). Following the bid deadline in the SISP, Trichome Financial was decla...