(via TheNewswire)
The Company also announcesthe resignation of
The Company’s Common Shares remain halted on the
Disclosure Required under MI 61-101
Each of the Lenders is considered a “related party” of the Company within the meaning of Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions(“MI 61-101”). As a result, each of the Loans is considered to be “related party transaction” as such term is defined by MI 61-101, requiring the Company, in the absence of exemptions, to obtain a formal valuation of, and minority shareholder approval of, the “related party transaction”. The Company is relying on the exemptions from the valuation and the minority shareholder approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the Loans does not exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101, as well as the exemption provided for in subsection 5.7(f) of MI 61-101 given that the Loans are not convertible into equity. The Loans have been provided on reasonable commercial terms that are not less advantageous to the Company than if they were obtained from an arm's length party.
The Company did not file a material change report in respect of the related party transaction at least 21 days prior to the closing of the Loans, which the Company deems reasonable in the circumstances in order to close the Loan transactions in an expeditious manner.
For further information on the Company, please contact:
Email: doron@alabs.co
Telephone number: 972-545-224-017
NEITHER THE
Caution Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future events, plans, prospects, business, and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, statements regarding: plans and expectations a resumption of trading and regarding use of proceeds of the Loans.
These statements are based upon factors and assumptions that are subject to significant risks and uncertainties. Such factors and assumptions include, but are not limited to: the ability of the Company to address the requirements of the
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future, as at the date they are provided. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source