Mr. Michael McCombie of World Class
WORLD CLASS AND QUADRON ANNOUNCE APPROVAL OF QUADRON SHAREHOLDERS TO PLAN OF ARRANGEMENT
Quadron Cannatech Corp.'s shareholders, at Quadron's special meeting of shareholders held on June 7, 2019, voted in favour of a special resolution to approve the proposed transaction, pursuant to which, among other things, World Class Extractions Inc. will acquire all of the issued and outstanding shares of Quadron, by way of a court-approved plan of arrangement, as previously announced on April 16, 2019.
The arrangement required approval by (i) at least two-thirds of the votes cast by holders of common shares in the capital of Quadron present in person or by proxy at the meeting and (ii) a majority of the votes cast, excluding the votes of Quadron shares held or controlled by interested parties as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). At the meeting, the arrangement was approved by (i) 99.97 per cent of the votes cast by all of the Quadron shareholders eligible to vote at the meeting and (ii) 99.96 per cent of the votes cast by all of the Quadron shareholders eligible to vote at the meeting, excluding votes of Quadron shares held or controlled by interested parties. Approximately 37 per cent of the total issued and outstandring Quadron shares were voted in person or proxy at the meeting.
It is expected that Quadron will apply for a final order of the Supreme Court of British Columbia in respect of the arrangement on June 11, 2019. Completion of the arrangement remains subject to customary closing conditions, which are set out in the arrangement agreement, a copy of which can be found on the SEDAR profiles of World Class and Quadron. Assuming that the conditions to closing of the arrangement are satisfied or waived, it is expected that the arrangement will be completed on or before June 17, 2019. Further information about the arrangement is set forth in the materials prepared by Quadron in respect of the meeting, which were mailed to Quadron shareholders and filed under Quadron's profile on SEDAR.
World Class options
World Class is also pleased to announce the grant of 300,000 incentive stock options to a business consultant. The stock options entitle the holder thereof to acquire one common share of World Class at a price of 17 cents per share for a period of two years.
About World Class Extractions Inc.
World Class is a Canadian-based developer of an innovative extraction process for both the hemp and cannabis industry. The company intends to provide single-step continuous flow extraction services to the hemp and cannabis industry.
About Quadron Cannatech Corp.
Quadron, through its wholly owned subsidiaries, provides turnkey extraction and processing solutions for the cannabis industry, including proprietary industrial-grade equipment, custom build processing facilities, ancillary products and scientific services. Quadron delivers streamlined, cost-effective and innovative solutions to help licensed growers, producers and processors develop market-ready products, all to achieve quicker return on investment.
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