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Aleafia Health Inc. (OTCQB:ALEAF) (TSX:AH) announced on Thursday that Red White & Bloom Brands Inc. (OTCEM: RWBYF) (CSE:RWB) has been selected as the successful bidder pursuant to the court-approved sale and investment solicitation process in connection with the previously announced proceedings of Aleafia and certain of its subsidiaries under the companies’ Creditors Arrangement Act.
On August 22, 2023, the Ontario Superior Court gave the green light to the terms of a SISP which included a stalking horse asset purchase and share subscription agreement pursuant to which RWB would acquire certain assets from Aleafia and subscribe for shares of certain subsidiaries of Aleafia if RWB were to become the successful bidder pursuant to the SISP.
In addition, Aleafia entered into a definitive purchase agreement pursuant to which it agreed to sell its Grimsby facility to a third-party purchaser; the asset was excluded from the RWB transaction and marketed separately under the SISP.
See also: Aleafia Health Obtains Creditor Protection To Pursue Restructuring And Sale Process
In accordance with the terms of the SISP, Aleafia will be seeking court approval of the sale transactions in connection with the SISP and authority to consummate the transactions provided for therein at the approval hearing which will be held on October 27, 2023.
If approved by the court, closing of the RWB Transaction is expected prior to November 22, 2023, and closing of the property sale is expected prior to November 1, 2023.
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