World Class Extractions Inc. (the “Reporter”) (CSE:PUMP) announces that it has acquired beneficial ownership and control over 71,650,447 common shares (“Common Shares”) in the capital of Quadron Cannatech Corporation (“Quadron”), which represents 100% of the issued and outstanding Common Shares.
In accordance with the requirements of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”), World Class Extractions Inc. (the “Reporter”) (CSE:PUMP) announces that it has acquired beneficial ownership and control over 71,650,447 common shares (“Common Shares”) in the capital of Quadron Cannatech Corporation (“Quadron”), which represents 100% of the issued and outstanding Common Shares.
This announcement is made in connection with the completion of the plan of arrangement (“Arrangement”) on June 17, 2019, pursuant to which the Reporter acquired all of the Common Shares. Under the terms of the Arrangement, each former holder of Common Shares received two common shares in the capital of the Reporter (each, a “World Class Share”). For details of the Arrangement, please see the Reporter’s press release dated June 17, 2019.
Immediately prior to the closing of the Arrangement that triggered the requirement for this announcement, the Reporter did not have beneficial ownership and control over any Common Shares. Immediately after the completion of the Arrangement, the Reporter owns 71,650,447 Common Shares, representing 100% of the issued and outstanding Common Shares. As a result of the Arrangement, Quadron became a wholly-owned subsidiary of the Reporter.
The purpose of the Arrangement was to enable the Reporter to acquire all of the outstanding Common Shares. The Reporter holds the Common Shares for investment purposes and may, in the future, increase or decrease its ownership of Common Shares or other securities of Quadron, from time to time depending upon, among other things, the business and prospects of Quadron and future market conditions.
For further information or to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions set forth hereunder, please go to the Reporter’s profile on SEDAR, at www.sedar.com, or contact Rosy Mondin at 1-604-473-9569.
This news release contains “forward-looking information” within the meaning of applicable securities law relating to, future plans and intentions of the Reporter and associated matters. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things that the plans of the Reporter may change. The statements in this press release are made as of the date of this release.