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1933 Industries Inc TGIFF


Primary Symbol: C.TGIF

1933 Industries Inc. is a Canada-based cannabis cultivator and producer. The Company is focused on the cultivation and manufacturing of a portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. The Company operates through three segments: Alternative Medicine Association LLC (AMA), Infused Mfg LLC (Infused MFG), and Corporate. Its AMA segment is focused on the cultivation and sale of medical and adult use cannabis products. Its Infused MFG segment is focused on the manufacturing of Hemp derived cannabidiol (CBD) products. Its product offerings through its in-house brands, including wholesale flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; and Canna Hemp, a national CBD brand of wellness products, which include tinctures, gummies, topicals and sports recovery products. The Company owns 91% of AMA, and 100% of Infused MFG LLC Infused.


CSE:TGIF - Post by User

Post by Lire02on Jun 09, 2022 10:32pm
377 Views
Post# 34745975

Debenture Offer

Debenture OfferAt the sparsley attended special meeting this morning, the company's offer was apparently not supported by enough Debenture Holders, however a do over is planned for next Thursday, June 16 based on the unclear concept that there were not enough debentures represented to take the vote, although there is not a requirement for any set amount that is apparent in the Management Information Circular 

"For the Debenture Amendments to be adopted, either:

holders of at least 66 2/3% of the principal amount of the Debentures, present  or represented by proxy at the Meeting must vote FOR the applicable Extraordinary Resolution at the Meeting; or

holders of at least 66 2/3% of the outstanding principal amount of the Debentures must approve the applicable Extraordinary Resolution in writing ( Written Consent ) by marking the "CONSENTS TO/VOTES For" box in favour of the Extraordinary Resolution on the accompanying Form of Proxy and Consent 
("Form of Proxy and Consent") and ececuting and returning it.

There is no minimum number of debentures that are needed as per the first option, just that at least  2/3 of the debentures represented at the meeting by proxy or in person must approve the resolution.

The company did not appear to take a vote, but it did appear that those debenture holders present and who spoke to the issue , were not in favour.

Thus, it appears , the  vote next Thursday is a sort of  "do over" as things this morning weren't apparently going to turn out as company hoped. 

Anyway, we can do all this again next week, unless the company revises its offer and presents something more acceptable to Debenture Holders while still being fair to the company and shareholders.


 

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