OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) — PRESS RELEASE — HEXO Corp. and 48North Cannabis Corp. have announced that they have completed the previously announced arrangement, pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
Under the terms of the arrangement, each former shareholder of 48North is now entitled to receive 0.02366 of a common share in the capital of HEXO for each 48North Share held immediately prior to the completion of the arrangement. It is anticipated that the 48North Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about Sept. 2, 2021.
In order to receive the consideration, registered holders of 48North Shares will be required to deposit their share certificate(s) representing 48North Shares, together with a duly completed letter of transmittal, with TSX Trust Company, the depositary under the arrangement. Shareholders whose 48North Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the consideration.
Further information about the arrangement is set forth in the materials