August 12, 2024 2:25 PM EDT | Source: Lotus Ventures Inc.
Based in Vancouver, British Columbia, Lotus Ventures Inc. (CSE: J) (“Lotus” or the “Company”) is providing an update on a transaction previously announced on May 17, 2024. On July 29, 2024, the Company received a partial revocation order from the British Columbia Securities Commission, partially lifting a cease trade order issued on April 4, 2024. This partial revocation allows for the completion of the transaction while the cease trade order remains in effect for other purposes.
The transaction is part of the Company’s proposal to its creditors, as well as a subscription agreement with 5008679 Ontario Limited. Legal agreements and court orders have been obtained for the completion of this transaction, which is expected to finalize in July or August 2024 pending closing conditions.
More information on the proposal and agreement can be accessed through the website hosted by MNP Ltd., in its role as proposal trustee of Lotus in the Proposal proceedings.
ON BEHALF OF LOTUS VENTURES INC:
Lotus Ventures Inc.
“Dale McClanaghan”
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a licensed cannabis producer based in British Columbia, offering premium cannabis products in retail locations across BC and Ontario.
Lotus Ventures Inc. is listed on the Canadian Securities Exchange (CSE: J) and the OTC Markets (OTC Pink: LTTSF).
Forward-Looking Information: This document contains forward-looking statements regarding the completion of the transaction and other operational plans. Users are cautioned that these statements are not guarantees of future performance and are subject to risks and uncertainties that may impact actual results. The company does not intend to update any forward-looking statements unless required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219674
