Green Rise Announces OSC Relief and TSXV Approval for Settlement Transaction
Toronto, Ontario--(Newsfile Corp. - August 25, 2020) - Green Rise Capital Corporation (TSXV: GRF), doing business as Green Rise Foods ("Green Rise" or the "Company"), wishes to provide an update on the agreement (the "Settlement Agreement") announced July 27, 2020 with certain shareholders of the Company (the "Selling Shareholders"), pursuant to which the Selling Shareholders agreed to sell in aggregate 26,210,527 common shares of Green Rise at a purchase price of C$0.11 per share to the Company and other to-be-named parties.
On August 20, 2020, the Ontario Securities Commission granted an exemptive relief order exempting the Company from the requirements applicable to issuer bids in Part 2 of National Instrument 62-104 Take-Over Bids and Issuer Bids and Part 3 of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions in respect of the repurchase for cancellation by Green Rise of an aggregate of 14,974,133 common shares of Green Rise held by the Selling Shareholders pursuant to the Settlement Agreement (the "Repurchase").
On August 25, 2020, the Company received approval of the TSX Venture Exchange for the Repurchase and the sale of the remaining shares (the "Purchase") held by the Selling Shareholders to certain other parties pursuant to the Settlement Agreement.
Green Rise plans to complete the Repurchase as soon as possible and expects the Purchase to close concurrently.
About Green Rise
Green Rise is a grower of fresh produce with a producing, 51-acre greenhouse on its 81-acre farm located in Leamington, Ontario. Poised to be the "best-in-class" contract grower of fresh produce, the Company takes pride in providing high-quality, consistent and reliable product to meet the growing consumer demand for locally grown fresh produce. By leveraging innovative growing solutions and embracing technology, Green Rise seeks to optimize its operations to generate improved product quality and shelf life, expand profit margins, and provide investors with meaningful and growing returns.
For further information, please contact:
Vincent Narang, Chief Executive Officer
This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. Green Rise undertakes no obligation to update any such forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on any such forward-looking statements. Green Rise undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Green Rise and Bull Market, or their respective financial or operating results or (as applicable), their securities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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