ESG GLOBAL IMPACT CAPITAL INC. ("ESGW")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: September 10, 2020
TSX Venture Tier 2 Company
TSX Venture Exchange (the "Exchange") has accepted for filing documentation a purchase agreement ("Agreement") dated August 28, 2020, between Encanto Potash Corp. ("Encanto"), Muskowekwan Resources Ltd. (collectively, the "Vendors") and the Company. Pursuant to the terms of the Agreement, the Company will purchase 22.96% of Encanto's ownership interest pertaining to the joint venture related to potash resources among the Vendors, with an effective closing date of August 31, 2020. As consideration, the Company will provide Encanto with 730,000 Series B preferred shares of the Company at a deemed value of $10.00 per Series B preferred share. The terms of the Series B preferred shares include (but not limited to) the following:
I. Each Series B preferred share will have voting and preferential dividend rights over the common shares;
II. Each Series B preferred share will be convertible into 10 common shares with one (1) share out ten (10) converted every 180 days after the date of issuance;
III. In the event of a windup, liquidation or dissolution, the holders of the Series B preferred shares will be paid in preference and will have the additional option to obtain an interest in the joint venture; and
IV. Lastly, the Series B Preferred Shares will not be listed on the Exchange
Insider / Pro Group Participation: None
For further details, please see the Company's news release dated September 2, 2020.
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