VANCOUVER, Feb. 6, 2020 /CNW/ - Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTC - THBRF) (Thunderbird or the Company), today announced that all of the remaining shares held in pool will be released effective February 11, 2020.
Pursuant to the terms of the RTO Plan of Arrangement, which was entered into in conjunction with the public listing of the common shares of Thunderbird in October 2018, all of the 36,660,588 common shares that were issued to former shareholders of the predecessor company were held subject to a pooling arrangement. Within the pooling arrangement the trading of these shares was restricted until they were released in stages over a period of 21 months following the initial listing. The intent of the pooling arrangement was to help ensure an orderly market following the initial listing of the Company's shares.
Thunderbird's Board of Directors have determined the pooling arrangement has served its purpose and further restriction of these shares is no longer necessary. Accordingly, the remaining 9,314,443 shares, which are held in pool, will be released effective February 11, 2020. Furthermore, a total of 7,539,143 of these remaining pooled shares are held by principals and insiders of Thunderbird. These shares will remain subject to the restrictions set out in the "value" escrow agreement that was entered into in accordance with the policies of the TSX Venture Exchange at the time of the initial listing.
Full descriptions of the terms of the pooling arrangement and the value escrow agreement are contained in the Company's Filing Statement dated October 29th, 2018 that is available in the Company's profile at www.sedar.com.
About Thunderbird Entertainment Group Inc. Thunderbird Entertainment Group is a Vancouver-based global multiplatform entertainment company with offices in Vancouver, Los Angeles, Toronto, Ottawa and London. Thunderbird creates award-winning scripted, unscripted and animated programming for the world's leading digital platforms, as well as Canadian and International broadcasters. Thunderbird's vision is to produce high quality, socially responsible content that makes the world a better place. The Company develops, produces and distributes animated, factual and scripted content through its various divisions, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Factual (Great Pacific Media) and Thunderbird Productions. Thunderbird also has a division based in the United Kingdom dedicated to establishing partnerships with production companies to develop the Company's intellectual property (IP) and growth in key international territories. Thunderbird is on Facebook, Twitter and Instagram at @tbirdent.
On Behalf of Thunderbird Entertainment Group Inc.
Jennifer Twiner McCarron Chief Executive Officer
For information on Thunderbird and to subscribe to the Company's investor list for news updates, go to www.thunderbird.tv.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release, which has been prepared by management.
SOURCE Thunderbird Entertainment Group Inc.
For further information: Investor Relations Contacts: Lucas Cahill and Freddie Leigh, Phone: + 1 604.683.3555, Email: [email protected]; Media Relations Contact: Julia Smith, Finch Media, Phone: +1 604.803.0897, Email: [email protected]