And we are entering the final leg of this dumb deal.
Please vote NO and let's hope for a white knight at .05 cents. DML ?
G!TA
Transaction Conditions and Timing
The Transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement“) and will be subject to the approval of (i) 66 2/3% of votes cast by ALX Shareholders; and (ii) if required, a simple majority of the votes cast by ALX Shareholders excluding for this purpose the votes held by any person required under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, at a special meeting of ALX Shareholders expected to be held in November 2024 (the “ALX Meeting“) on an abridged basis. No shareholder vote is required by Greenridge shareholders. In addition to ALX Shareholder approval, the Transaction is also subject to the receipt of certain regulatory and court approvals, including the approvals of the TSX Venture Exchange (“TSXV“) and other closing conditions customary in transactions of this nature.
The Arrangement Agreement includes customary representations, warranties, covenants and conditions contained in agreements for transactions of this nature including non-solicitation and lock-up provisions, business restrictions and a no material adverse change clause. A reciprocal termination fee of C$250,000 is payable if the Arrangement Agreement is terminated in certain circumstances. In the event that a Superior Proposal (as defined in the Arrangement Agreement) is accepted by ALX pursuant to the terms of the Arrangement Agreement, a break fee of C$400,000 is payable by ALX to Greenridge.