Green Corps

HEXO and 48North announce closing of arrangement

Retrieved on: 
Wednesday, September 1, 2021

OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- HEXO Corp. ("HEXO") (TSX: HEXO; NASDAQ: HEXO) and 48North Cannabis Corp. ("48North") (TSX-V: NRTH) are pleased to announce that they have completed the previously announced arrangement (the "Arrangement"), pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North ("48North Shares") by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

Key Points: 
  • OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- HEXO Corp. ("HEXO") (TSX: HEXO; NASDAQ: HEXO) and 48North Cannabis Corp. ("48North") (TSX-V: NRTH) are pleased to announce that they have completed the previously announced arrangement (the "Arrangement"), pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North ("48North Shares") by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
  • Under the terms of the Arrangement, each former shareholder of 48North (a "48North Shareholder") is now entitled to receive 0.02366 of a common share in the capital of HEXO (each whole share, a "HEXO Share") for each 48North Share held immediately prior to the completion of the Arrangement (the "Consideration").
  • Prior to the completion of the Arrangement, 48North had outstanding one class of warrants to purchase 48North Shares listed on the TSX-V under the trading symbol 'NRTH.WT' (the "Listed 48North Warrants").
  • Holders of 48North options have received replacement options under the Arrangement, exercisable for HEXO Shares at the same conversion ratio applicable to the 48North Shares.