Business
TransCanna Holdings Inc. Announces Annual General and Special Meeting Results
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2023) - TransCanna Holdings Inc. (CSE: TCAN...
About this update from Transcanna Holdings, Inc.
[{"type":"text","content":"TransCanna Holdings Inc. Announces Annual General and Special Meeting ResultsVancouver, British Columbia--(Newsfile Corp. - May 1, 2023) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (\"TransCanna\" or the \"Company\") is pleased to report the results for the Annual General and Special Meeting (\"Meeting\") of Shareholders of the Company held on Friday, April 28, 2023. All matters put forward before the TransCanna shareholders (the \"Shareholders\") for consideration and approval as set out in the Management Information Circular March 29, 2023 were approved by the Shareholders. Specifically, the Shareholders: (i) approved an ordinary resolution to set the number of directors of the Company at three (3); (ii) approved the election of James R. Blink, Joshua Baker and Travis Heilman as directors of the Company; (iii) approved the appointment of BG Borgers, Certified Public Accountants as auditors of the Company for the ensuing year; (iv) approved the previously announced asset transfer transactions contemplated by the deed in lieu of foreclosure agreement (the \"Deed in Lieu\") by and among Pelorus Fund REIT, LLC (the \"Secured Lender\"), Dalvi, LLC, (\"Dalvi\"), Lyfted Farms, Inc. (\"Lyfted Farms\" and together with Dalvi, the \"Borrower\"), the Company and James R. Blink, solely in his individual capacity (together with the Company, the \"Guarantor Parties\") dated February 13, 2023 (the \"Transaction Resolution\") by special resolution; and (v) ratified and approved the call option agreement (the \"Call Option Agreement\") and the issuance of common shares of the Company (\"Common Shares\") thereunder by ordinary resolution of disinterested Shareholders (the \"Call Option Resolution\"). The Deed in Lieu was entered into by the Company following the occurrence and continuation of events of default under the previously announced loan agreement, effective as of July 29, 2022 (the \"Loan Agreement\"), by and among the Secured Lender, the Borrower and the Guarantor Parties, whereby the Secured Lender had provided a term loan to the Borrower in the original principal amount of $15,808,000 USD (the \"Loan Amount\"). In accordance with the terms and provisions of the Loan Agreement, the Loan Amount, together with all other Obligations (as defined in the Loan Agreement) were secured by a first-priority security interest and lien on t...