RevoluGROUP Canada Inc. is pleased to announce that it has received a draft agreement on December 8th, 2022, in which the potential Acquirers propose formalizing the Equity Investment. Management of the Company is currently reviewing the underlying agreement proposal and expects to finalize its assessment over the coming days. Under the terms of the draft agreement received, if fruitful, it would result in a change of control as specified in the SECURITIES ACT [RSBC 1996] CHAPTER 418 – Part 1. The Company issues the current news release in conformity with policy 85, sections A and C of the SECURITIES ACT as it pertains to “Continuous Disclosure.”
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New Release 17/10/2022 – The Board of Directors unanimously approved the signing of a term sheet agreement dated October 14th, 2022, outlining a possibly substantial Equity Investment.
New Release 07/11/2022 – Management signed an updated term sheet addendum on November 4th, 2022, in which the potential Acquirers and the Company confirmed the satisfactory completion of the ‘Documentary Due Diligence’ phase of the negotiations.
New Release 25/11/2022 – Management signed a mutual Business Development agreement on November 25th, 2022, in which the potential Acquirers and the Company agreed to a future joint strategy should the equity investment conclude favorably.
New Release 29/11/2022 – The Acquirers and the Company approved a one-time extension of the term sheet’s maximum closing date and the exclusivity term, which ended at midnight on December 8th, 2022.
At 4.07 PM ET on December 8th, 2022, before the expiration of the aforementioned non-extendible term, the potential Acquirers remitted a draft proposal agreement to finalize the transaction to the Company. At this time, management is reviewing the proposal.
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While the current negotiations and diligent revision of the documented draft agreement bode well for the proposed transaction, there can be no assurance that any definitive agreement, tender, or investment will be completed, and the December 8th, 2022, agreement proposal must be speedily and diligently reviewed by executive management. The Company will notify shareholders if there are any material advents or contractual advancements between the parties.
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