Tangelo Shareholders Approve Arrangement Transaction With GoGel

Tangelo Games (TSXV:GEL) announced that the shareholders of the company have approved the previously announced arrangement of GoGel Holdings acquiring all the outstanding shares of Tangelo.

Further, the company said that each Tangelo shareholder will receive cash consideration of C$0.02565 for each Tangelo shares held.

As quoted in the press release:

Approximately 30% of the issued and outstanding Tangelo Shares were represented in person or by proxy at the annual and special meeting of Tangelo held today (the “Tangelo Meeting“). Approximately 91% of the Tangelo Shares represented at the Tangelo Meeting were voted in favour of the Arrangement. Additionally, all items relating to annual matters at the Tangelo Meeting were approved by Tangelo Shareholders, as such items are further described in the management information circular of Tangelo dated August 10, 2018 that is available on SEDAR at www.sedar.com.

Tangelo has applied for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement. Subject to final court approval being obtained and the satisfaction or waiver of all remaining closing conditions, the Arrangement is expected to become effective on or about September 18, 2018. Following completion of the Arrangement, Tangelo will make an application to have the Tangelo Shares delisted from the TSX Venture Exchange and an application will also be made for Tangelo to cease to be a reporting issuer in the applicable jurisdictions.

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