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.
James Cacioppo (the "Acquiror"), Chairman and CEO of the Issuer, located at 1800 NW Corporate Blvd., Suite 200, Boca Raton, FL 33431, announced today that in connection with the Business Combination, the Acquiror, together with his joint actors, acquired beneficial ownership or control or direction over 1,928,930 Subordinate Voting Shares and 114,000 Super Voting Shares (the "Acquired Securities"), which represents 76.5% of the class of Super Voting Shares.
Each Super Voting Share is entitled to 100 votes per share and is convertible into 100 Subordinate Voting Shares. On an as converted basis, the Acquired Securities represent 42.5% of the Subordinate Voting Shares issued and outstanding.
The Super 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 and his joint actors 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 Super 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.