World Class and Quadron Announce Approval of Quadron Shareholders to Plan of Arrangement
Toronto, Ontario–(June 10, 2019) – World Class Extractions Inc. (CSE: PUMP) (“World Class“) and Quadron Cannatech Corporation (“Quadron“) (CSE: QCC) are pleased to announce that, at the special meeting of the shareholders of Quadron held on June 7, 2019 (the “Meeting“), the shareholders of Quadron voted in favour of a special resolution to approve the proposed transaction, pursuant to which, among other things, World Class will acquire all of the issued and outstanding shares of Quadron, by way of a court-approved plan of arrangement (the “Arrangement“) as previously announced on April 16, 2019.
The Arrangement required approval by (i) at least two-thirds of the votes cast by holders (“Quadron Shareholders“) of common shares in the capital of Quadron (“Quadron Shares“) present in person or by proxy at the Meeting, and (ii) a majority of the votes cast excluding the votes of Quadron Shares held or controlled by “interested parties” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. At the Meeting, the Arrangement was approved by (i) 99.97% of the votes cast by all of the Quadron Shareholders eligible to vote at the Meeting, and (ii) 99.96% of the votes cast by all of the Quadron Shareholders eligible to vote at the Meeting excluding votes of Quadron Shares held or controlled by interested parties. Approximately 37% of the total issued and outstandring Quadron Shares were voted in person or proxy at the Meeting.
- Published: 10 June 2019
- Written by Editor