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RIV Capital Inc. (CSE:RIV) (OTC:CNPOF) confirmed that holders of its Class A shares have voted in favor of thepreviously announced merger with Cansortium Inc. (CSE:TIUM) (OTCQB:CNTMF) at the annual general and special meeting held Tuesday.
Shareholders of Cansortium, a Tampa, Florida-based cannabis company operating under the FLUENT brand, also voted in favor of an amendment to its articles to create a new class of non-voting exchangeable shares in connection with the merger.
The new combined company will operate in Florida, New York, Texas and Pennsylvania – four of the US’s five largest states – with eight cultivation and processing facilities and 42 retail dispensaries.
“Since we announced our business combination earlier this year, our teams have come together and made great progress and we are excited to continue to work diligently to complete the remaining steps needed to integrate our businesses ahead of closing the transaction,” stated Cansortium CEO Robert Beasley. “With shareholder support now secured, our focus will shift to furthering our collaboration efforts to fully leverage the opportunities across our respective footprints. This proactive approach is expected to fuel growth and profitability across our shared footprint to immediately begin driving value for shareholders upon the completion of the transaction.”
Under the arrangement deal, the approval is required by at least two-thirds of the votes by RIV shareholders present at the meeting, and a simple majority from RIV shareholders at the meeting, excluding votes from interested or related parties, as per Multilateral Instrument 61-101. Approximately 98.8% of the votes eligible to be cast at the RIV meeting were voted in favor the arrangement resolution and some 99.1% of Cansoritum shareholders at the meeting also supported the merger.
Mike Totzke, COO and interim CEO of RIV Capital commented, “We are thrilled to secure our shareholders’ support as we move towards finalizing the transaction and accelerating the anticipated benefits that the combined company can deliver. We are well positioned to quickly leverage our joint capabilities and complementary strengths to establish leading positions in some of the most exciting markets in the country.”
RIV Capital will seek a final order approving the arrangement from the Ontario Superior Court of Justice on August 29, 2024. The business combination is expected to close in the fourth quarter of 2024 subject to certain approvals.
The combined business of Cansortium and RIV Capital will operate under the Cansortium name and Cansortium common shares will continue to trade on the Canadian Securities Exchange under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF.”
RIV Capital shares closed Tuesday's market session 2.61% higher at $0.12 per share, while Cansortium shares ended the session 10.67% lower at $0.13 per share.
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