SUNORA FOODS INC. ("SNF")
BULLETIN TYPE: Plan of Arrangement-, Delist
BULLETIN DATE: February 8, 2022
TSX Venture Tier 2 Company
Pursuant to a special resolution passed by the shareholders of the Company on December 3, 2021, the Company has completed a plan of arrangement ("Arrangement") under Section 193 of the Business Corporation Act (Alberta). Pursuant to the terms of the arrangement agreement ("Agreement") dated October 22, 2021, between the Company and 2326230 Alberta Ltd. (the "Vendor"), a company owned by Folspire Inc., the Vendor will purchase 100% of the issued and outstanding common shares of the Company. As total consideration for the purchase to the shareholders, the Vendor will provide an aggregate purchase price of $6,887,606.40 ("Purchase Price") to be satisfied by providing each shareholder of the Company with $0.17 in cash for each common share held for up to 35,294,117 common shares immediately prior to the transaction becoming effective. The balance of the Purchase Price, representing approximately $887,606.00, will be satisfied by providing the equivalent worth in series I preferred shares in the capital of the Vendor in exchange of the remaining common shares outstanding. The Court of Queen's Bench of Alberta granted a final order in
connection with the Plan of Arrangement on December 7, 2021.
Delist
Effective at the close of business on Thursday, February 10, 2022, the common shares will be delisted from TSX Venture Exchange at the request of the Company as a result of the Arrangement.
For further information, please refer to the Company's news releases dated January 21, 2021, February 25, 2021, March 16, 2021, April 22, 2021, May 10, 2021, June 21, 2021, October 26, 2021, December 6, 2021 and February 7, 2022.
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