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Sunniva Responds to Filing of Notice of Motion by Matrix Venture Capital Management Inc. Seeking Bankruptcy Order
Sunniva Responds to Filing of Notice of Motion by Matrix Venture Capital Management Inc. Seeking Bankruptcy Order.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Responds to Filing of Notice of Motion by Matrix Venture Capital Management Inc. Seeking Bankruptcy Order\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; VERTICAL-ALIGN: BOTTOM; 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 Responds to Filing of Notice of Motion by Matrix Venture Capital Management Inc. Seeking Bankruptcy Order\nCanada NewsWire\nVANCOUVER, British Columbia, May 14, 2020\n\n\n\nVANCOUVER, British Columbia, May 14, 2020 /CNW/ -- Sunniva Inc. (\"Sunniva\", the \"Company\", \"we\", \"our\" or \"us\") (CSE:SNN, OTCQB:SNNVF) has become aware that it has been named in an action (the \"Action\") commenced by Matrix Venture Capital Management Inc. (\"Matrix\") whereby Matrix has filed a Notice of Motion (the \"Notice of Motion\") with the Supreme Court of British Columbia seeking a Bankruptcy Order under the Bankruptcy and Insolvency Act (Canada) in respect to the property of Sunniva in connection with a promissory note issued by Sunniva to Matrix on October 11, 2019 in the amount of USD$6,000,000.  \n\nThe Notice of Motion was filed on May 6, 2020 and served on the Company on May 13, 2020. A hearing for the Action has been scheduled for June 1, 2020. The Company intends to defend the Action. \nThe Company has been reviewing potential strategic and restructuring alternatives and will continue to evaluate its options in the context of the Action. \nFor more information about the Company please visit: www.sunniva.com. \nThe Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.\nCautionary Note Regarding Forward-Looking Information or Statements\nThis press release contains forward-looking information or statements. All statements that are or information which is not historical facts, including without limitation, statements regarding the Company's intent to defend the Action, the ou...