Disposition of Securities of Green Growth Brands Inc.
Toronto, Ontario--(Newsfile Corp. - May 16, 2019) - On May 16, 2019, GA Opportunities Corp. ("GAOC") completed the disposition of (the "Repurchase Transaction") 27,300,000 common shares of Green Growth Brands Inc. (CSE: GGB) ("GGB" or the "Company"), representing approximately 13% of GGB's outstanding shares. Aggregate consideration for the Repurchase Transaction was C$89 million, or approximately C$3.26 per common share.
The aggregate consideration for the Repurchase Transaction was satisfied by GGB by delivery of a secured promissory note (the "Note") in the principal amount of C$39,000,000 and cash in the amount of C$50,000,000 to GAOC. The Note is payable in six months from the closing of the Repurchase Transaction and bears interest at 3% per annum.
Immediately after the completion of the Repurchase Transaction, GAOC holds less than 10% of the issued and outstanding common shares of GGB on both a fully-diluted and on a non-diluted basis. GAOC disposed of the securities for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the Resulting Issuer through market transactions, private agreements, treasury issuances, exercise of warrants or otherwise.
This press release is issued in connection with the filing of an early warning report by GAOC pursuant to Section 5.2(3) of National Instrument 62-104 - Take-Over Bids and Issuer Bids and the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues. To obtain a copy of the early warning report filed by GAOC, please refer to the Company's SEDAR profile at www.sedar.com. GAOC's head office is located at 2 Bloor St. W., Suite 1805, Toronto, Ontario, M4W 3E2. GAOC is formed under the province of Ontario and its principal business is investments.
For further information or to obtain a copy of the Early Warning Report, please contact: Matt Shalhoub, 416-639-9690 or firstname.lastname@example.org.
NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES
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