Blissco Cannabis Corp. Announces 99.28% Shareholder Approval VANCOUVER, British Columbia, July 09, 2019 (GLOBE NEWSWIRE) -- Blissco Cannabis Corp. (the Company or Blissco) (CSE: BLIS) (OTCQB:HSTRF) (FRA:GQ4B) is pleased to announce that, at the special meeting of shareholders of Blissco (Blissco Shareholders) held today (the Meeting), Blissco Shareholders voted in favour of a special resolution (the Arrangement Resolution) to approve the previously announced plan of arrangement (the Arrangement) between Blissco and The Supreme Cannabis Company, Inc. (Supreme Cannabis) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1). Subject to the terms and conditions of an arrangement agreement (the Arrangement Agreement) between Blissco and Supreme Cannabis dated May 16, 2019, Supreme Cannabis will acquire all of the issued and outstanding common shares of Blissco (Blissco Shares) not already owned by Supreme Cannabis. Obtaining approval from Blissco Shareholders is one of the conditions to completing the Arrangement.
The Arrangement Resolution required approval by: (i) at least two-thirds of the votes cast by Blissco Shareholders present in person or represented by proxy at the Meeting; and (ii) a simple majority of the votes cast by Blissco Shareholders present in person or represented by proxy at the Meeting, excluding the votes cast by such shareholders as are required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).
The Arrangement Resolution was approved by approximately 99.28% of the votes cast by Blissco Shareholders present in person or represented by proxy at the Meeting. In addition, the Arrangement Resolution was also approved by approximately 99.16% of the votes cast by Blissco Shareholders present in person or represented by proxy at the Meeting, excluding such shareholders as are required to be excluded pursuant to MI 61-101.
It is expected that Blissco will apply for a final order of the Supreme Court of British Columbia on July 11, 2019. Completion of the Arrangement remains subject to other customary closing conditions, including the aforementioned court order. Assuming that the conditions to closing are satisfied or waived, it is expected that the Arrangement will be completed on or around July 12, 2019. Following completion of the Arrangement, Blissco will be de-listed from the Canadian Securities Exchange and applications will be made for Blissco to cease to be a reporting issuer.