On August 19, 2024, Lotus Ventures Inc. (CSE: J) announced the successful closure of a previously disclosed transaction. This transaction was part of the company’s proposal to its creditors and involved a subscription agreement with 5008679 Ontario Limited. The completion of the transaction involved the issuance of 1,000 common shares to the Purchaser for a total purchase price of $2,538,398.00. As a result of this transaction, all previously issued securities of the company, with the exception of the subscribed shares, were cancelled. The Purchaser now holds all securities of the company.
In light of these developments, Lotus Ventures Inc. is expected to be delisted from the CSE and OTC Markets by the end of trading on August 20, 2024. The company also plans to seek revocation of a cease trade order issued in April 2024 and to cease being a reporting issuer in Alberta, British Columbia, and Ontario.
Additional information regarding the transaction and related agreements can be accessed through MNP Ltd., the proposal trustee for Lotus Ventures Inc. Furthermore, Lotus Ventures Inc. is a British Columbia-based licensed cannabis producer that cultivates premium cannabis distributed in retail locations in British Columbia and Ontario.
It is important to note that statements in this document that pertain to future developments are forward-looking statements and may not necessarily reflect the actual outcomes. The company cautions users that these statements are not guarantees of future performance and that various risks and uncertainties could impact actual results. The company does not intend to update any forward-looking statements unless required by law.
Please refer to the original source version of this release for more information: https://www.newsfilecorp.com/release/220483.
