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PUF Ventures Announces Closing of Plan of Arrangement with Cannvas Medtech Inc.
Jan. 16, 2018 08:19AM PST
Cannabis Investing News
PUF Ventures and Cannvas Medtech announced today that they have completed a statutory arrangement under a plan of arrangement and as a result MTEC became a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
PUF Ventures Inc. (CNSX:PUF) (Frankfurt: PU3) (OTCPK: PUFXF), and Cannvas Medtech Inc. (“MTEC”) are pleased to announce that on January 16, 2018 (the “Effective Date”), they completed a statutory arrangement under a plan of arrangement (the “Arrangement”). As a result of completing the Arrangement, MTEC became a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
Completion of the Arrangement, as set forth in the arrangement agreement and plan of arrangement dated September 7, 2017, as amended on October 11, 2017 (the “Arrangement Agreement“), between PUF and Vapetronix Holdings Inc. (formerly, Weed Points Loyalty Inc., now Cannvas Medtech Inc.), was approved by the shareholders of PUF on November 24, 2017 and by a Final Order granted by the Supreme Court of British Columbia on November 30, 2017 in accordance with Part 9 of the Business Corporations Act (British Columbia).
Cannvas Medtech Inc.:
Pursuant to the Arrangement Agreement and on the Effective Date, the following occurred:
Cannvas Medtech Inc.:
Pursuant to the Arrangement Agreement and on the Effective Date, the following occurred:
(a) | PUF distributed 100% of the common shares of MTEC (“MTECShares“) it received to the shareholders of PUF (the “PUFShareholders“) on a pro rata basis. The PUF Shareholders received one MTEC Share in exchange for every seven (7) common shares of PUF held as at the Record Date, October 4, 2017; |
(b) | PUF transferred the assets to MTEC; |
(c) | MTEC became a reporting issuer in the Provinces of British Columbia, Alberta and Ontario; and |
(d) | PUF retained its working capital for its assets, remains listed on the CSE and will continue to trade under the trading symbol, PUF, as a consumer products – biotechnology/pharmaceuticals company. |
The CUSIP number for the common shares of MTEC is 13781A105.
As of the Effective Date, the board of directors of MTEC are Shawn Moniz, Steve Loutskou and Christopher P. Cherry and the officers of MTEC are Shawn Moniz, CEO, Steve Loutskou, Chief Strategy Officer and Secretary and Christopher P. Cherry, CFO.
“The executive team at Cannvas Medtech have been working very hard to identify additional opportunities within the cannabis industry and I am very pleased with the progress they have made to date,” said Derek Ivany, CEO of PUF Ventures. “The name change from Weed Points Loyalty was necessary due to core business opportunities expanding beyond the vertical integration within the cannabis industry. The new name better suits the company’s technology focused solutions for loyalty and all things cannabis with cross integration in the medical community. I am very confident at the prospects for our shareholders who have joined the Cannvas Medtech family of supporters and shareholders.”
About the Company
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies: AAA Heidelberg, Solaris Nutraceuticals Pty Ltd., Cannvas MedTech Inc., and Natures Hemp Corp., and is actively pursuing other opportunities within the industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., a private Ontario company and advanced applicant for an ACMPR license. Currently, AAA Heidelberg has not received a license from Health Canada. PUF is publicly traded under the following symbols: CSE: PUF, Frankfurt: PU3 and OTCPK: PUFXF. For more information please visit: www.puf.ca.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of the release.
Some of the statements contained in the release are forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
Subsequent to this press release, Cannvas MedTech went public on July 3, 2018 under the ticker symbol CSE:MTEC
Source: www.newswire.ca
