TORONTO, May 22, 2019 /CNW/ – Newstrike Brands Ltd. (TSX-V:HIP) (“Newstrike” or the “Company“) today announced that it has obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario), in which HEXO Corp. (“HEXO“) (TSX: HEXO; NYSE-A: HEXO) will acquire all of Newstrike’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement“).
Receipt of the final order follows the annual and special meeting of shareholders of Newstrike held on May 17, 2019, where shareholders approved the Arrangement by a special resolution.
Pursuant to the Arrangement, holders of common shares of Newstrike will receive 0.06332 shares of HEXO for each common share of Newstrike held. Closing of the Arrangement remains subject to the satisfaction (or waiver) of other customary closing conditions, including final approval by the TSX Venture Exchange. Subject to satisfaction of these closing conditions, it is anticipated that the Arrangement will be completed on or around May 24, 2019.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Newstrike, through Up Cannabis and together with select strategic partners, including Canada’s iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more infcormation, visit http://www.up.ca or http://www.newstrike.ca
HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes prize-winning products to serve the global cannabis market. Through its hub and spoke business strategy, HEXO Corp is partnering with Fortune 500 companies, bringing its brand value, cannabinoid isolation technology, licensed infrastructure and regulatory expertise to established companies, leveraging their distribution networks and capacity. As one of the largest licensed cannabis companies in Canada, HEXO Corp operates with 1.8 million sq. ft of facilities in Ontario and Quebec and a foothold in Greece to establish a Eurozone processing, production and distribution centre. The Company serves the Canadian adult-use and medical markets. For more information please visit hexocorp.com.
For further information: Newstrike Investor Relations, 1-877-541-9151, firstname.lastname@example.org; Jay Wilgar, CEO, Newstrike Brands, (905) 844-8866
Source: Newstrike Brands Ltd.
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