VANCOUVER, British Columbia, July 05, 2021 (GLOBE NEWSWIRE) -- MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) (“MYM” or the “Company”), is pleased to announce that, at its special meeting (the “MYM Meeting”) of shareholders of MYM (“MYM Shareholders”), MYM Shareholders approved the plan of arrangement (the “Arrangement”) with IM Cannabis Corp. (“IMC”) originally announced April 1, 2021, pursuant to which, among other things, IMC will acquire all of the issued and outstanding common shares of MYM (“MYM Shares”) for consideration of 0.022 of an IMC common share in exchange for each MYM Share held.
The Arrangement required approval by (i) 66 2/3% of the votes cast on the Arrangement resolution by the MYM Shareholders, represented by proxy and entitled to vote at the MYM Meeting (the “Corporate Law Approval”), and (ii) a simple majority of the votes cast on the Arrangement resolution by the MYM Shareholders, represented by proxy and entitled to vote at the MYM Meeting, excluding the votes cast in respect of MYM Shares beneficially owned or over which control or direction is exercised by any persons whose votes must be excluded in accordance with Multilateral Instrument 61-101 (the “MI 61-101 Approval”).
Of the votes cast at the MYM Meeting in respect of the Corporate Law Approval, an aggregate of 160,152,244 MYM Shares were voted in favour, representing approximately 91.14% of the votes cast. Of the votes cast at the MYM Meeting in respect of the MI 61-101 Approval, an aggregate of 138,427,978 MYM Shares were voted in favour, representing approximately 89.89% of the votes cast. MYM’s full report of voting results will be filed on SEDAR (www.sedar.com) under MYM’s issuer profile.
MYM intends to seek a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing expected to be held on July 8, 2021. Assuming timely receipt of all necessary court, third-party approvals and the satisfaction of all other conditions, closing of the Arrangement is expected to occur on or about July 9, 2021.
Further information about the Arrangement is available in the management information circular dated June 3, 2021 and related proxy materials, which are available on SEDAR under MYM’s issuer profile.
About MYM Nutraceuticals Inc.
MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries – SublimeCulture Inc., in Laval, QC and Highland Grow Inc., in Antigonish, NS. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE MYM BOARDMichael Wiener, CEOMYM Nutraceuticals Inc.www.mym.ca
Robin Linden, Chief Marketing Officer(778)-522-2261
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Disclaimer for Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws about MYM’s current expectations, estimates and projections about the future, based on certain assumptions made in light of experiences and perceptions of historical trends. Although MYM believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Investors should not place undue reliance on forward-looking information, which is inherently uncertain. Actual results may materially differ from the expectations represented in the forward-looking information in this press release.
Forward-looking information is sometimes, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking information in this press release includes, but is not limited to, statements about the date of the hearing for the final order and the closing of the Arrangement.
Developing forward-looking information involves reliance on many assumptions and considerations of certain risks and uncertainties, some of which are specific to MYM, and others that apply to the industry generally. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward looking statements contained in this press release, include, but are not limited to, the risk factors included under the heading “Risk Factors” in the annual information form of MYM dated September 26, 2020 and under the heading “Risk Factors” in the MD&A for the three months ended February 28, 2021, both of which are available on sedar.com.MYM Nutraceuticals Inc.