Post by
dkeller85 on Mar 20, 2022 6:49am
Progress Update on RTO with Nurexone Biologic
Hot off the press:
Calgary, Alberta--(Newsfile Corp. - March 15, 2022) - EnerSpar Corp. (TSXV: ENER) (FSE: 5E0) ("EnerSpar" or the "Company") is pleased to announce it has entered into an arrangement agreement (the "Arrangement Agreement") dated March 10, 2022, between the Company and 1222150 B.C. Ltd (the "Subsidiary"), a wholly-owned subsidiary of the Company, with respect to a plan of arrangement (the "Arrangement") pursuant to the Business Combination Act (British Columbia). Pursuant to the Arrangement the Company plans to spin out the Subsidiary, by way of distributing the securities of the Subsidiary held by the Company pro rata to the shareholders of the Company (the "Shareholders"). Each Shareholder shall receive one common share in the capital of the Subsidiary (the "Distributed Securities") for each common share in the capital of the Company held by each Shareholder. The Arrangement Agreement was entered into in connection with the proposed transaction (the "Proposed Transaction") involving the Company and Nurexone Biologic Ltd. ("Nurexone"), which was announced on August 30, 2021. The Arrangement is intended to divest the Company of its mineral assets as in connection with the Proposed Transaction with Nurexone, an Israeli pharmaceutical corporation. Following completion of the Proposed Transaction, the Company will pursue Nurexone's business of developing an off-the-shelf, minimally invasive, revolutionary treatment for the reversal or reduction in the harmful results of spinal cord injury, using Exosome-based patent-pending technology.
https://finance.yahoo.com/news/enerspar-israeli-based-nurexone-progress-130400060.html