As previously announced, subject to the satisfaction of certain escrow release conditions, the net proceeds from Canopy Rivers' $104 million subscription receipt financing are expected to be released from escrow in connection with the closing of the Go Public Transaction. The oversubscribed private placement, which was co-led by CIBC Capital Markets, GMP Securities L.P. and Eight Capital, on behalf of a syndicate of agents including Cormark Securities Inc., INFOR Financial Inc. and PI Financial Corp., closed on July 6, 2018.
TORONTO, Aug. 23, 2018 /CNW/ - Canopy Rivers Corporation ("Canopy Rivers"), the venture capital investment platform of Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth"), is pleased to announce that it has set a date of September 12, 2018, for its upcoming shareholder meeting in connection with the proposed business combination involving AIM2 Ventures Inc. ("AIM2") and Canopy Rivers (the "Go Public Transaction").
As previously announced, Canopy Rivers has entered into a definitive amalgamation agreement with AIM2, which outlines the terms and conditions pursuant to which the parties will complete the Go Public Transaction. The Go Public Transaction will result in a reverse take-over of AIM2 by Canopy Rivers and will constitute AIM2's "Qualifying Transaction" under Policy 2.4 – Capital Pool Companies of the TSXV Corporate Finance Manual.
Subject to receipt of all required approvals, including the final approval of the TSX Venture Exchange (the "TSXV"), the Go Public Transaction is expected to close and the subordinated voting shares of the resulting issuer are expected to commence trading on the TSXV under the symbol "RIV" during the week of September 17, 2018.
"With Canopy Rivers, we are well-positioned to take advantage of the universe of investment opportunities unfolding globally in the ever-expanding cannabis economy," said Bruce Linton, Chairman and acting CEO of Canopy Rivers, and co-CEO of Canopy Growth. "The strategic relationship with Canopy Growth, strong management and access to capital will enable Canopy Rivers to build upon a proven track record and continue to develop a leading ecosystem of cannabis companies across the entire cannabis value chain."
To date, Canopy Rivers has made investments in eleven domestic and international companies, establishing a diversified portfolio of licensed producers, late stage licensed producer applicants, pharmaceutical formulators, brand developers and distributors, retail networks, and technology and media platforms.
As previously announced, subject to the satisfaction of certain escrow release conditions, the net proceeds from Canopy Rivers' $104 million subscription receipt financing are expected to be released from escrow in connection with the closing of the Go Public Transaction. The oversubscribed private placement, which was co-led by CIBC Capital Markets, GMP Securities L.P. and Eight Capital, on behalf of a syndicate of agents including Cormark Securities Inc., INFOR Financial Inc. and PI Financial Corp., closed on July 6, 2018.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth (TSX:WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
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