NEWNORTH PROJECTS LTD. ("NNP")
BULLETIN TYPE: Amalgamation, Delist
BULLETIN DATE: February 11, 2020
TSX Venture Tier 1 Company
Effective at the close of business, Thursday, February 13, 2020, the common shares of NewNorth Projects Ltd. ("NewNorth" or "the Company") will be delisted from TSX Venture Exchange. The delisting of the Company's shares results from an arrangement agreement (the "Agreement") between the Company and Bordeaux Properties Inc. ("Bordeaux") dated December 3, 2019.
Pursuant to the Agreement, Bordeaux has agreed to acquire all of the issued and outstanding common shares of NewNorth by way of a court-approved plan of arrangement under the provisions of the Business Corporations Act (Alberta) (the "Transaction"). Under the Agreement, NewNorth shareholders will receive cash consideration of $0.13 per NewNorth share held and NewNorth will become a wholly owned-subsidiary of Bordeaux.
The Exchange has been advised that approval of the Transaction by the NewNorth shareholders was received at a special meeting of shareholders held on January 24, 2020 and that approval of the Transaction was received from the Queen's Bench of Alberta on February 3, 2020. The Agreement was completed on February 11, 2020. The full particulars of the Transaction are set forth in the Management Information Circular of NewNorth, dated as of December 20, 2019, which is available under the Company's profile on SEDAR.
For further details, please refer to the Company's Information Circular dated December 20, 2019 and news releases dated December 3, 2019 and February 11, 2020.
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