Scythian Gets Investor Approval for Asset Sale to Aphria

Scythian Biosciences (CSE:SCYB) obtained shareholder approval for its sale of Latin American assets to Canadian licensed producer (LP) Aphria (TSX:APH).

As quoted in the press release:

At the Special Meeting, shareholders approved the sale of the Company’s South American and Caribbean assets to Aphria (the “Transaction”), the terms and conditions of which were set out in the Company’s management information circular dated August 13, 2018. The Transaction required the approval of a simple majority of the shareholders and, because Aphria is a “related party” to Scythian under applicable securities law, also required the approval of the majority of the minority shareholders in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The detailed results of the majority of the minority vote were as follows:

Special Matter	Total Votes	Votes For	% Votes For		Votes Against	% Votes Against
Approval of the Transaction	10,295,949	10,272,914	99.8%		23,035	0.2%

The closing of the Transaction is expected to occur on or about the end of September, 2018.

Scythian’s shareholders also approved a special resolution authorizing the amendment of the Company’s articles to change the name of the Corporation from “Scythian Biosciences Corp.” to “SOL Investments Corp.” (the “Name Change”). The Name Change will take effect following the completion of the Transaction.

Click here to read the full press release.

Source: globenewswire.com