Canam Biotech Sets Share Distribution Record Date for 2019 Arrangement
News related to:Canam Biotech Inc · 2 min read
Canam Biotech Inc. has announced the setting of the share distribution record date for various spin outs under its 2019 Arrangement with 1207331 B.C. LTD. ("331BC"). The record date is set for November 4th, 2026, and it marks the eligibility for shareholders of Canam Biotech Inc. to receive 4,413,309 common shares in 331BC, subject to any conversion factor and rounding down for any fractional shares.
Canam Biotech Inc. entered into an arrangement agreement with its wholly owned subsidiaries, including 1207326 B.C. LTD., 1207331 B.C. LTD., 1207334 B.C. LTD., 1207335 B.C. LTD., 1207378 B.C. LTD., 1207380 B.C. LTD., 1207382 B.C. LTD., 1208614 B.C. LTD., 1208616 B.C. LTD., 1209629 B.C. LTD., 1209631 B.C. LTD., 1210352 B.C. LTD., and 1211319 B.C. LTD. (collectively, the "Subcos"). The arrangement aims to transfer certain assets of Canam Biotech Inc. to these subsidiaries, with the ultimate goal of issuing shares of the Subcos to Canam Biotech Inc.'s shareholders in exchange for such asset transfers.
The arrangement was approved by the Company's shareholders at its AGM held on August 9, 2019, and received Supreme Court of British Columbia approval on August 27, 2019. The effective date for each spin out will be set separately by the Board of Directors of Canam Biotech Inc. The arrangement agreement, filed on July 9, 2019, is available for review on the Company's SEDAR plus profile at www.sedarplus.ca.
The press release also notes that the Company received unanimous shareholder approval at its AGM held on August 9, 2019, and Supreme Court of British Columbia approval on August 27, 2019. The arrangement agreement, filed on July 9, 2019, is accessible at the provided link. The release further states that the Company may effect the Arrangement and obtain the final court order for the same. Shareholders may receive 100% of the shares of each of the other parties to the Arrangement under the Arrangement Agreement, subject to the risks and uncertainties mentioned in the release.
The release concludes with a cautionary note regarding forward-looking information, emphasizing that there are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. These include the inability to complete the Arrangement and other factors beyond the Company’s control.