Toronto, Ontario--(Newsfile Corp. - April 3, 2018) - Telferscot Resources Inc. (CSE: TFS) ("Telferscot" or the "Company") is pleased to announce that the Company received final approval from the Ontario Superior Court for the Company's Plan of Arrangement. The Company has set a Record Date for the resulting distribution of shares of April 4, 2018.
In addition to holding their shares of the Company, Telferscot shareholders will receive distributions in seven new companies (the "SpinCo" or "SpinCos") as a result of the Plan of Arrangement as follows:
For every 1,000 shares of Telferscot owned as of the Record Date (above), Telferscot shareholders will receive:
- 100 shares of SpinCo #1
- 50 shares of SpinCo #2
- 50 shares of SpinCo #3
- 50 shares of SpinCo #4
- 100 shares of SpinCo #5
- 50 shares of SpinCo #6
- 200 shares of SpinCo #7
None of these companies are currently listed for trading on any exchange and as such, the shares are not currently readily saleable. It is the intention of six of the seven companies to complete the planned acquisitions of business as outlined in the Management Information Circular dated March 1, 2018 and available at www.tfs-poa.com. The seventh company, SpinCo #7, will continue to pursue the Company's legal action against Auxico Resources Canada Inc.
Background to the Plan of Arrangement:
Telferscot management had been in discussions and negotiations will several other potential candidates for an RTO into the Company at the time of the Canntab introduction. In an effort extract further value for Telferscot shareholders, the Company pursued these other discussions and, subject to shareholder and court approvals (now completed and received),
For complete information on the Plan of Arrangement and the acquisition to Canntab Therapeutics, investors and shareholders are encouraged to go to www.tfs-poa.com. Investors can sign up there to receive investor communications on the activities of Canntab as well as plans and developments in each of the new entities to be distributed to shareholders.
About Canntab Therapeutics Limited
Canntab Therapeutics Limited is a Canadian cannabis oral dosage formulation company based in Markham Ontario, engaged in the research and development of advanced pharmaceutical grade formulations of cannabinoids. Canntab has developed in-house technology to deliver standardized medical cannabis extracted from selective strains in a variety of extended/sustained release pharmaceutical dosages for therapeutic use. Simply put, Canntab's mission is to put the "Medical" into medicinal cannabis!
About Telferscot Resources Inc.
Telferscot Resources Inc. is a Canadian company listed on the CSE under ticker symbol TFS. For further information and access to the Company's public disclosure record please consult SEDAR at www.sedar.com or the Canadian Securities Exchange at www.thecse.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Telferscot Resources Inc.
Catherine Beckett, Manager Corporate Affairs
Canntab Therapeutics Limited
Richard Goldstein, CFO
Office: 416 957-6303