Aeroponics Integrated Systems Inc. cancelled the acquisition of Glorious Creation Limited (CNSX:GCIT.X) in a reverse merger transaction.
The completion of the Transaction is subject to a number of conditions precedent, including: (i) satisfactory due diligence review by the Company; (ii) completion of the Financing (as defined below); (iii) completion of the acquisition by GCIT of a controlling interest in AeroSynergy; (iv) receipt of requisite approvals from the shareholders and directors of each of AeroBloom and the Company; (v) receipt of all requisite regulatory and third party approvals (including the conditional approval of Exchange) ; (vi) the Concurrent Financing shall have either been completed or all conditions necessary to completion shall have been satisfied other than the completion of the Transaction, in either case resulting in gross proceeds to the Purchaser of at least CAD 4,000,000; and (vii) completion of the Bridge Financing, if AeroBloom elects to conduct the Bridge Financing. In additon, Glorious Subordinate Voting Shares shall have been conditionally approved for listing, execution of Employment Agreement, Glorious shall have at least CAD 1,100,000 in cash or cash equivalents, Glorious shall have completed the Pre-Closing Financing for minimum gross proceeds of CAD 0.7 million. There can be no assurance that the Transaction will be completed on the terms set out in the Definitive Agreement or at all. The Company intends to obtain majority shareholder approval of the Transaction through written consent of its shareholders. All the Shareholders have agreed to the transaction. As of September 13, 2022, the outside date to complete the transaction is July 31, 2023.
Darren Walz of Lockett + Horwitz acted as legal advisor to Aeroponics Integrated Systems Inc. Justin Kates of DuMoulin Black LLP acted as legal advisor to Glorious Creation Limited. Odyssey Trust Company acted as depositary to Glorious. Virgil Hlus of Clark Wilson LLP acted as legal advisor to Glorious. Andrew Bond of Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Aeroponics.
Aeroponics Integrated Systems Inc. cancelled the acquisition of Glorious Creation Limited (CNSX:GCIT.X) in a reverse merger transaction on November 29, 2023. Liam Corcoran has resigned as the Chief Executive Officer of Glorious and that Nicholas Luksha, a director of the Company, has been appointed as the Chief Executive Officer in place of Liam Corcoran. In addition, Glorious announces that Constantine Carmichael has been appointed as a director of the Company.