Monday, December 21, 2020 9:51:46 AM
FLWR management in adding cannabis production to increase revenue.
" ("Terrace Global" or the "Company") is pleased to announce that the Ontario Superior Court of Justice has issued a final order approving the previously announced plan of arrangement under the Business Corporations Act (Ontario) with The Flowr Corporation (TSXV: FLWR) ("Flowr"), pursuant to which Flowr will acquire all of the issued and outstanding common shares of Terrace Global (the "Arrangement").
In connection with closing of the Arrangement, trading in the common shares of Terrace Global ("Terrace Shares") on the TSX Venture Exchange ("TSXV") shall be halted as of noon on December 21, 2020.
In addition, certain directors and officers of Terrace Global have agreed to accept a portion of their change of control payments due upon completion of the Arrangement in Terrace Shares, which will result in Terrace Global issuing an aggregate of 3,346,613 Terrace Shares to such directors and officers at a deemed price of $0.2188 per Terrace Share concurrently with closing of the Arrangement. Each such Terrace Share will then be exchanged for 0.4973 of a common share of Flowr in accordance with the terms of the Arrangement.
Completion of the Arrangement is subject to certain closing conditions customary in transactions of this nature. Provided that all closing conditions are satisfied or waived, Terrace Global expects the Arrangement to be completed on or about December 22, 2020, following which the Terrace Shares will be de-listed from the TSXV.
About Terrace Global
Terrace Global is a multi-country operator (MCO) led by experienced cannabis entrepreneurs focused on the development and acquisition of international cannabis assets. Terrace Global's focus is on federally legal jurisdictions with existing domestic demand, low-cost inputs and approved for exportation."
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