Lotus Venture: Update on Proposal Transaction
Lotus Ventures Inc. (CSE: J) has provided an update on its previously announced transaction. The company obtained a partial revocation order from the British Columbia Securities Commission on July 29, 2024, allowing for the completion of the transaction despite an ongoing cease trade order. Lotus also secured a reverse-vesting order from the Supreme Court of British Columbia on June 14, 2024.
The transaction, which includes a proposal to creditors and a subscription agreement with 5008679 Ontario , is expected to close in July or August 2024. However, it remains subject to closing conditions. Further information about the proposal and agreement can be accessed through the website hosted by MNP , the proposal trustee for Lotus.
Lotus Ventures Inc. (CSE: J) ha fornito un aggiornamento sulla sua transazione precedentemente annunciata. L'azienda ha ottenuto un ordine di revoca parziale dalla British Columbia Securities Commission il 29 luglio 2024, permettendo il completamento della transazione nonostante un ordine di cessazione delle operazioni in corso. Lotus ha anche ottenuto un ordine di reverse-vesting dalla Corte Suprema della British Columbia il 14 giugno 2024.
La transazione, che include una proposta ai creditori e un accordo di sottoscrizione con 5008679 Ontario, dovrebbe concludersi nel luglio o agosto 2024. Tuttavia, rimane soggetta a condizioni di chiusura. Ulteriori informazioni sulla proposta e sull'accordo possono essere consultate attraverso il sito web ospitato da MNP, il trustee della proposta per Lotus.
Lotus Ventures Inc. (CSE: J) ha proporcionado una actualización sobre su transacción previamente anunciada. La empresa obtuvo una orden de revocación parcial de la British Columbia Securities Commission el 29 de julio de 2024, lo que permite la finalización de la transacción a pesar de un orden de cese de operaciones en curso. Lotus también aseguró una orden de reverse-vesting de la Corte Suprema de British Columbia el 14 de junio de 2024.
La transacción, que incluye una propuesta a los acreedores y un acuerdo de suscripción con 5008679 Ontario, se espera que se cierre en julio o agosto de 2024. Sin embargo, sigue sujeta a condiciones de cierre. Se puede acceder a más información sobre la propuesta y el acuerdo a través del sitio web alojado por MNP, el fideicomisario de la propuesta para Lotus.
로터스 벤처스 주식회사 (CSE: J)는 이전에 발표된 거래에 대한 업데이트를 제공했습니다. 회사는 2024년 7월 29일 브리티시컬럼비아 증권 위원회로부터 부분 취소 명령을 받아 거래를 완료할 수 있게 되었으며, 이는 현재 진행 중인 거래 중지 명령에도 불구하고 가능합니다. 로터스는 또한 2024년 6월 14일 브리티시컬럼비아 대법원으로부터 리버스 베스팅 명령을 받았습니다.
이 거래는 채권자에 대한 제안과 5008679 온타리오와의 구독 계약을 포함하며, 2024년 7월 또는 8월에 마무리될 것으로 예상됩니다. 그러나 이는 종료 조건에 따라 다릅니다. 제안 및 계약에 대한 추가 정보는 로터스를 위한 제안 신탁인 MNP가 호스팅하는 웹사이트를 통해 접근할 수 있습니다.
Lotus Ventures Inc. (CSE: J) a fourni une mise à jour sur sa transaction précédemment annoncée. La société a obtenu un arrêté de révocation partielle de la British Columbia Securities Commission le 29 juillet 2024, permettant d'achever la transaction malgré un ordre d'arrêt des opérations en cours. Lotus a également obtenu un arrêté de reverse-vesting de la Cour suprême de la Colombie-Britannique le 14 juin 2024.
La transaction, qui comprend une proposition aux créanciers et un contrat de souscription avec 5008679 Ontario, devrait se conclure en juillet ou août 2024. Cependant, elle reste soumise à des conditions de clôture. Des informations supplémentaires concernant la proposition et l'accord peuvent être consultées sur le site Web hébergé par MNP, le fiduciaire de la proposition pour Lotus.
Lotus Ventures Inc. (CSE: J) hat ein Update zu ihrer zuvor angekündigten Transaktion bereitgestellt. Das Unternehmen erhielt am 29. Juli 2024 eine teilweise Widerrufsverfügung von der British Columbia Securities Commission, die den Abschluss der Transaktion trotz eines laufenden Handelsstopps ermöglicht. Lotus sicherte sich auch eine Reverse-Vesting-Verfügung vom Obersten Gerichtshof von British Columbia am 14. Juni 2024.
Die Transaktion, die einen Vorschlag an die Gläubiger und eine Zeichnungsvereinbarung mit 5008679 Ontario umfasst, soll im Juli oder August 2024 abgeschlossen werden. Sie unterliegt jedoch weiterhin Abschlussbedingungen. Weitere Informationen über den Vorschlag und die Vereinbarung sind über die von MNP, dem Treuhänder für den Vorschlag von Lotus, gehostete Website abrufbar.
- Partial revocation order obtained, allowing transaction completion despite cease trade order
- Reverse-vesting order secured from Supreme Court of British Columbia
- Transaction expected to close in July or August 2024
- Ongoing cease trade order for failure to file certain continuous disclosure documents
- Transaction still subject to closing conditions
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - Lotus Ventures Inc. (CSE: J) ("Lotus" or the "Company") wishes to provide an update on the transaction previously announced on May 17, 2024 (the "Transaction").
On July 29, 2024, the Company obtained a partial revocation order issued by the British Columbia Securities Commission (the "Partial Revocation Order") relating to the cease trade order issued to the Company on April 4, 2024 for failure to file certain outstanding continuous disclosure documents (the "CTO"). The Partial Revocation Order partially revokes the CTO to allow for the completion of the Transaction. The CTO continues to apply in all other respects.
In addition, as previously noted, the Transaction under the Company's proposal to its creditors, as amended (the "Proposal"), and the subscription agreement dated May 3, 2024 with 5008679 Ontario Limited, as amended and restated on June 4, 2024 and further amended on July 15, 2024, are to be completed in accordance with its terms, and the provisions of a reverse-vesting order (the "RVO") to be granted by the Supreme Court of British Columbia In Bankruptcy and Insolvency. On June 14, 2024, the Company obtained the RVO.
The Company intends to proceed with the Transaction, which is expected to close in July or August 2024 (the "Closing"). The Closing is still subject to closing conditions.
Further information regarding the Proposal and the Agreement, including copies thereof, can be accessed through the website hosted by MNP Ltd., in its capacity of proposal trustee of Lotus in the Proposal proceedings, at: Lotus Ventures Inc | MNP LTD (mnpdebt.ca).
ON BEHALF OF LOTUS VENTURES INC:
Lotus Ventures Inc.
"Dale McClanaghan"
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a BC based licensed cannabis producer. Lotus grows premium cannabis which is carried in retail locations across BC and Ontario.
Lotus Ventures Inc. is listed on the Canadian Securities Exchange (CSE: J) and on the OTC Markets (OTC Pink: LTTSF).
For More Information:
President & CEO
Dale McClanaghan dalemcclanaghan@gmail.com
(604) 644-9844
Investor Relations
investors@lotuscannabis.ca
Forward-Looking Information:
This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning the completion of the Transaction, and the timing thereof, our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions, or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor other communications made by the company. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219674
FAQ
What is the status of Lotus Ventures Inc. (CSE: J) cease trade order?
When is the Lotus Ventures Inc. (CSE: J) transaction expected to close?
What orders has Lotus Ventures Inc. (CSE: J) obtained for its transaction?
Where can investors find more information about Lotus Ventures Inc.'s (CSE: J) proposal and agreement?
