Mr. Alejandro Antalich reports
ICC LABS OBTAINS FINAL ORDER FOR ARRANGEMENT WITH AURORA CANNABIS
The Supreme Court of British Columbia has issued a final order approving the plan of arrangement between ICC Labs Inc. and Aurora Cannabis Inc. Subject to the terms and conditions of an arrangement agreement between ICC and Aurora dated Sept. 8, 2018, Aurora will acquire all of the issued and outstanding common shares of ICC. Obtaining the final order is one of the conditions to completing the arrangement.
Receipt of the final order follows the special meeting of shareholders of ICC on Nov. 6, 2018, wherein approximately 98.74 per cent of votes cast by all of the ICC shareholders eligible to vote at the meeting voted in favour of a special resolution to approve the arrangement.
If the arrangement becomes effective, each ICC shareholder will receive $1.95 per ICC share, payable in common shares of Aurora valued at the volume-weighted average trading price of Aurora shares on the Toronto Stock Exchange during the 20-trading-day period ending on the second to last trading day on the TSX immediately prior to the date the arrangement is completed pursuant to the terms of the arrangement agreement and as further described in ICC's management information circular in respect of the arrangement, a copy of which is available under ICC's profile on SEDAR.
Completion of the arrangement remains subject to other customary closing conditions, including the receipt of certain Uruguayan regulatory approvals. All requested documents have been submitted to the relevant Uruguayan authorities to apply for such approvals and a response is currently being awaited. Assuming that the conditions to closing are satisfied or waived, it is expected that the arrangement will be completed in the fourth quarter of 2018.
ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, as well as a fully licensed producer of medicinal cannabis in Colombia. The company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.
We seek Safe Harbor.
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