TERRACE GLOBAL INC. ("TRCE")
BULLETIN TYPE: Shares for Debt, Plan of Arrangement-, Delist, Remain Halted
BULLETIN DATE: January 5, 2021
TSX Venture Tier 2 Company
Shares for Debt
TSX Venture Exchange has accepted for filing the Company's proposal to issue 3,346,613 common shares at a deemed value of $0.2188 per share to settle outstanding debt for $732,239.12.
Number of Creditors: 3 Creditors
Insider / Pro Group Participation:
Creditor Insider=Y/Progroup=P Amount Owing Deemed Price per Share # of Shares
?Michael Galego Y $225,304.34 $0.2188 1,029,727
Francisco Ortiz von Bismarck Y $225,304.34 $0.2188 1,029,727
Stephen Lermer Y $281,630.43 $0.2188 1,287,159
Shares issued pursuant to this debt settlement were exchanged for 0.4973 of a common share of The Flowr Corporation in accordance with the terms of the Plan of Arrangement as described below.
For more information, please refer to the Company's news release dated December 21, 2020.
Plan of Arrangement-, Delist
Effective at the close of business on Wednesday, January 6, 2021, the common shares of Terrace Global Inc. ("TRCE") will be delisted from TSX Venture Exchange. The delisting of TRCE shares results from the completion of a court-approved Plan of Arrangement under the Business Corporations Act (Ontario) (the "Arrangement"), pursuant to an Arrangement Agreement dated October 19, 2020, as amended on November 16, 2020, between TRCE and The Flowr Corporation ("Flowr"), whereby Flowr has acquired all of the issued and outstanding common shares, options and warrants of TRCE.
The Arrangement was approved by TRCE shareholders on December 16, 2020 and approved by Ontario Superior Court of Justice on December 18, 2020. Under the terms of the Arrangement, TRCE shareholders will receive 0.4973 common shares of Flowr for each TRCE common share held.
For further details, please refer to TRCE's Management Information Circular dated November 13, 2020 and news releases dated October 20, 2020, December 14, 2020, December 16, 2020, December 21, 2020 and December 24, 2020.
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