leadf
logo-loader
viewTrue Leaf Brands Inc.

True Leaf Brands announces 'positive step forward' in its restructuring proceedings as creditors approve business proposals

The approvals allow True Leaf’s businesses to emerge from their respective proposal proceedings so that financial backers Canguard Entities can acquire their assets and shares

True Leaf Brands Inc. -
True Leaf will submit applications to the British Columbia Supreme Court for orders approving each of the proposals

True Leaf Brands Inc (CSE:MJ) (OTCPINK:TRLFF) (FRA:TLA) announced Friday positive news concerning the firm’s restructuring process - its creditors had unanimously approved True Leaf’s proposals. 

The approvals allow True Leaf’s businesses, which include True Leaf Cannabis Inc, True Leaf Brands and True Leaf Investments Corp, to emerge from their respective proposal proceedings so that financial backers Canguard Entities can acquire the assets and shares of the companies. 

"This is a positive step forward and we are pleased with the solid vote of confidence from the creditors and our new financial backers at Canguard," interim CEO Darcy Bomford told investors in a statement.

READ: True Leaf Brands and its subsidiaries file plans with creditors; working with British Columbia Securities Commission

"This will allow the company to exit creditor protection and emerge from a challenging 2020 with a new team and solid strategy for success in the evolving cannabis industry."

The proposals were put forth after a refinancing deal between Lind Asset Management XV LLC, The Australian Special Opportunity Fund LP, Canguard Mortgage Investment Corporation and its affiliates pursuant on September 11.

In November, True Leaf will submit applications to the British Columbia Supreme Court for orders approving each of the proposals. Following the anticipated approvals, True Leaf told shareholders that the parties will work towards closing the transaction and implementing the proposals.

The Vancouver-based company also said that there had not been any material changes to its business since its most recent news release on October 5. True Leaf is required to provide bi-weekly default status reports as part of a temporary management cease trade order in place.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: True Leaf Brands Inc.

Price: 0.085 CAD

CSE:MJ
Market: CSE
Market Cap: $8.54 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of True Leaf Brands Inc. named herein, including the promotion by the Company of True Leaf Brands Inc. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

True Leaf Brands sees record quarter with their success coming from the Pet...

True Leaf Brands (CSE: MJ) CEO Darcy Bomford joined Steve Darling from Proactive Vancouver on skype with news the company has had a record quarter as they announced their Q-2 financials. Bomford talked about what went right in Q-2 where the revenue is coming from. Bomford also telling...

on 12/02/2019

2 min read