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Sunniva Inc. Responds To Filing Of Court Petition With Respect To Its Okanagan Falls Property
Sunniva Inc. Responds To Filing Of Court Petition With Respect To Its Okanagan Falls Property.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Responds To Filing Of Court Petition With Respect To Its Okanagan Falls Property\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.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nSunniva Inc. Responds To Filing Of Court Petition With Respect To Its Okanagan Falls Property\nCanada NewsWire\nVANCOUVER, British Columbia, May 8, 2020\n\n\n\nVANCOUVER, British Columbia, May 8, 2020 /CNW/ -- Sunniva Inc. (\"Sunniva\", the \"Company\", \"we\", \"our\" or \"us\") (CSE:SNN) (OTCQB:SNNVF), has become aware that its subsidiary Sunniva Medical Inc. (\"SMI\"), along with SMI's wholly owned subsidiary, 1167025 B.C. Ltd. (\"1167025\"), has been named in a petition filed in the Supreme Court of British Columbia in connection with a mortgage (the \"Mortgage\") between 1167025 and Shuttleworth Properties Ltd. (the \"Petitioner\") dated June 14, 2018. The Mortgage is in respect of an approximately 114-acre property in Okanagan Falls, British Columbia (the \"Property\") owned by 1167025 that is the site of the Sunniva Canada Campus, which includes construction assets for a planned 759,000 square-foot greenhouse.  \n\n \n \n \n \n \n \n\n \nThe Company has 21 days to file a response to the Petition.\nThe remedies sought by the Petitioner include, among other things, a declaration that the Mortgage is in default, and an order fixing a time limit for payment of the amount payable under the Mortgage (the \"Redemption Period\") plus certain legal costs associated with the proceeding. In the event that the amount payable under the Mortgage, together with costs of the proceeding, has not been paid by the expiration of the Redemption Period, then the Plaintiff has the right to apply to the Court for, among other things, an order to foreclose on the Property. \nAs previously announced, Sunniva is party to a share purchase agreement pursuant to which it proposes to sell the s...