The Company has agreed to extend the previously announced exclusivity period granted to PCP to January 15, 2024 to complete negotiation of a definitive agreement for the Proposed Transaction and to allow PCP to finalize its equity financing arrangements for the Proposed Transaction.
The entering into of a definitive agreement concerning the Proposed Transaction remains subject to, among other things, as at the time the definitive agreement is entered into, (i) PCP having secured fully committed equity financing; (ii) the negotiation and execution of a definitive agreement for the Proposed Transaction on terms satisfactory to PCP and Neighbourly; (iii) receipt from TD Securities Inc. ("TD"), financial advisor and independent valuator to the committee of independent directors (the "Transaction Committee") formed by the Board of Directors of the Company (the "Board"), of an updated formal valuation of the Common Shares initially orally delivered by TD to the Transaction Committee on October 2, 2023 (the "Formal Valuation"); and (iv) receipt from TD of an updated fairness opinion initially orally delivered by TD to the Transaction Committee on October 2, 2023 (the "Fairness Opinion"), containing a fairness conclusion consistent with the Fairness Opinion.