Entourage Health Corp. (formerly WeedMD Inc.)
(
TSX-V:ENTG) (
OTCQX:ETRGF)
(
FSE:4WE) (“
Entourage” or the
“
Company”), a Canadian producer and distributor of
award-winning cannabis products, is pleased to announce that it has
entered into voting support agreements with certain holders of the
Company’s 8.5% unsecured convertible debentures due September 25,
2022 (the “
Debentures”), including Hygrovest
Limited, the largest holder of Debentures (collectively, the
“
Supporting Debentureholders”), to vote in favour
of certain proposed amendments to the trust indenture dated as of
September 25, 2019 between TSX Trust Company and the Company (the
“
Indenture”) governing the Debentures (the
“
Proposed Amendments”). Upon approval of the
Proposed Amendments, the Indenture would be amended to, among other
things, (i) accelerate the maturity date of the Debentures to June
30, 2022 (the “
New Maturity Date”); and (ii) amend
the cash amount payable in respect of the Debentures on the New
Maturity Date to be 60% of the principal amount of the Debentures,
together with any accrued and unpaid interest thereon up to the New
Maturity Date, less any tax required by law to be deducted.
Entourage and its Board of Directors believe the
Proposed Amendments are aligned with the Company’s strategy to
implement lasting initiatives that could improve the Company’s
capital structure and create long-term value for all security
holders.
The Proposed Amendments are subject to approval
by the TSX Venture Exchange and the approval of the holders of the
Debentures (the “Debentureholders”). Approval from
the Debentureholders will be sought at a meeting of the
Debentureholders (the “Meeting”) on June 20, 2022
to be held virtually. To be effective, the resolution approving the
Proposed Amendments must be passed by at least 662/3% of the
aggregate principal amount of the Debentures represented in person
or by proxy at the Meeting. Materials for the Meeting will be
available on SEDAR concurrent with the mailing thereof to
registered Debentureholders on or around May 26, 2022.
As of May 12, 2022, approximately CDN$12,765,000
aggregate principal amount of Debentures are issued and
outstanding. The Supporting Debentureholders beneficially own, in
the aggregate, CDN$6,335,000 aggregate principal amount of
Debentures, representing approximately 49.6% of the issued and
outstanding Debentures.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.)
and CannTx Life Sciences Inc., licence holders producing and
distributing cannabis products for both the medical and adult-use
markets. The Company owns and operates a state-of-the-art hybrid
greenhouse and processing facility located on 158-acres in
Strathroy, ON; a fully licensed 26,000 sq. ft. Aylmer, ON
processing facility, specializing in cannabis extraction; and a
micropropagation, tissue culture and genetics centre-of-excellence
in Guelph, Ontario. With its Starseed Medicinal medical-centric
brand, Entourage has expanded its multi-channeled distribution
strategy. Starseed’s industry-first, exclusive partnership with
LiUNA, the largest construction union in Canada, along with
employers and union groups complements Entourage’s direct sales to
medical patients. Entourage’s elite adult-use product portfolio
includes Color Cannabis, Saturday Cannabis and Royal City Cannabis
Co. – sold across eight provincial distribution agencies. The
Company also maintains strategic relationships in the seniors’
market and supply agreements with Shoppers Drug Mart. It is the
exclusive Canadian producer and distributor of award-winning
U.S.-based wellness brand Mary’s Medicinals sold in both medical
and adult-use channels. Under a collaboration with The Boston Beer
Company subsidiary, Entourage is also the exclusive distributor of
cannabis-infused beverages in Canada, expected to launch in
2022.
For more information, please visit us at
www.entouragehealthcorp.com
Follow Entourage and its brands on LinkedIn
Twitter: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
Instagram: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
For further information, please
contact:
For Investor Enquiries:Valter
Pinto or Scott EcksteinKCSA Strategic
Communications1-212-896-1254entourage@kcsa.cominvestor@enouragecorp.com
For Media Enquiries:Marianella
delaBarreraSVP, Communications & Corporate
Affairs416-897-6644marianella@entouragecorp.com
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation which are
based upon Entourage's current internal expectations, estimates,
projections, assumptions and beliefs and views of future events.
Forward-looking information can be identified by the use of
forward-looking terminology such as "expect", "likely", "may",
"will", "should", "intend", "anticipate", "potential", "proposed",
"estimate" and other similar words, including negative and
grammatical variations thereof, or statements that certain events
or conditions "may", "would" or "will" happen, or by discussions of
strategy. Forward-looking information included in this press
release includes, but is not limited to, statements in respect of
the mailing of the materials for the Meeting and approval of the
Proposed Amendments from the TSX Venture Exchange and the
Debentureholders.
The forward-looking information in this news
release is based upon the expectations, estimates, projections,
assumptions and views of future events which management believes to
be reasonable in the circumstances. Forward-looking information
includes estimates, plans, expectations, opinions, forecasts,
projections, targets, guidance or other statements that are not
statements of fact. Forward-looking information necessarily involve
known and unknown risks, including, without limitation, risks
associated with general economic conditions; adverse industry
events; loss of markets; future legislative and regulatory
developments; inability to access sufficient capital from internal
and external sources, and/or inability to access sufficient capital
on favourable terms; the cannabis industry
in Canada generally; the ability of Entourage to
implement its business strategies; the COVID-19 pandemic;
competition; crop failure; and other risks.
Any forward-looking information speaks only as
of the date on which it is made, and, except as required by law,
Entourage does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for Entourage to predict all
such factors. When considering this forward-looking information,
readers should keep in mind the risk factors and other cautionary
statements in Entourage’s disclosure documents filed with the
applicable Canadian securities regulatory authorities on SEDAR at
www.sedar.com. The risk factors and other factors noted in the
disclosure documents could cause actual events or results to differ
materially from those described in any forward-looking
information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
Entourage Health (TSXV:ENTG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Entourage Health (TSXV:ENTG)
Historical Stock Chart
From Jul 2023 to Jul 2024