BOCA RATON, FL, June 10, 2019 /CNW/ - On June 6, 2019, Jushi Holdings Inc. (formerly, Tanzania Minerals Corp., the "Issuer"), located at 1800 NW Corporate Blvd., Suite 200, Boca Raton, FL 33431, and Jushi Inc ("Jushi") completed its previously announced business combination (the "Business Combination"), to create a vertically integrated multi-state cannabis and hemp operator.
Denis Arsenault (the "Acquiror"), located at Rue Maria Vieira da Silva Lot #3, Unit U/K, Lagos, Portugal 8600-780, announced today that in connection with the Business Combination, the Acquiror acquired beneficial ownership or control or direction over 1,887,956 Subordinate Voting Shares and 4,000,000 Multiple Voting Shares (the "Acquired Securities"), which represents 100% of the class of Multiple Voting Shares.
Each Multiple Voting Share is entitled to one vote per share and is convertible into one Subordinate Voting Share. On an as converted basis, the Acquired Securities represent 15.7% of the Subordinate Voting Shares issued and outstanding.
The Multiple Voting Shares were issued in exchange for the Acquiror's Class A Shares of Jushi. The Subordinate Voting Shares were issued in exchange for an equal number of Class B Shares of Jushi. Immediately prior to the Business Combination, the Acquiror owned or controlled no securities of Tanzania Minerals Corp.
In connection with the acquisition, the Acquiror entered into a lock-up agreement with the agents pursuant to which such parties have agreed, subject to customary carve-outs and exceptions, that their Subordinate Voting Shares and Multiple Voting Shares, as applicable, and the securities convertible thereinto, or any securities issuable in exchange therefor, will be released in tranches over a period of sixteen (16) months from the date the Subordinate Voting Shares are listed on the NEO Exchange Inc.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Investor Relations, Jushi Holdings Inc., [email protected], Phone: 646-859-8397.
SOURCE Jushi Holdings Inc.
For further information: please contact Investor Relations, Jushi Holdings Inc., [email protected], Phone: 646-859-8397.