The Company is pleased to announce that the resolution regarding the Plan of Arrangement (POA) to the Special Shareholders Meeting held 23rd February 2021, was duly passed.
The Company proposed an Arrangement (POA) under the British Columbia Business Corporations Act which involves Challenger Acquisitions Limited. Under the terms of the Arrangement, Challenger Acquisitions will acquire all of the outstanding shares of the Company in exchange for Challenger shares, on a one for one basis. The Arrangement will result in the reverse takeover of Challenger by the Company.
Shareholders representing c. 74% of all shares was present in person or by proxy at the Meeting.
The POA which required the approval of 66 2/3% of participating shareholders was approved by 99,7% of those shareholders and will now go before the Supreme Court of British Columbia.
Mustaq Patel Cindrigo CEO said, “We are very pleased with the very strong support for the Special POA resolution, which was one important step to be able to finalize the completion of the Challenger Acquisitions Offer”.