GREY:LXLLF - Post by User
Comment by
zen2twentyon Jul 18, 2019 5:44pm
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Post# 29937033
RE:RE:Ripped off
RE:RE:Ripped offbullmarkets wrote: voting for the merger was the big mistake. canopy probably would have continued support if they did not do it..
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The board weighed factors reviewed by the Independent Committee’s advisors against the success of LiveWell Canada’s financings, reports from management of Vitality regarding projected growth and milestones, and LiveWell Canada’s material going concern uncertainty. Furthermore, in the judgment of the board, there was a risk of bankruptcy or a requirement to sell LiveWell Canada at a price reflective of a distressed asset because the secured convertible notes issued during the first quarter of 2019 would become immediately due in the event that the Vitality Combination was not approved by LiveWell Canada’s shareholders. See Item 8 “Capitalization – Brokered Private Placement”. Accordingly, the board determined that the Vitality Combination was in the best interests of the corporation, unanimously approved the Vitality Combination and unanimously recommended that LiveWell Canada’s shareholders vote for the Vitality Combination. LiveWell Canada’s shareholders approved the Vitality Combination on April 11, 2019, with over 94% of casted voting shares voted in favour of the transaction.