/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 16,
2023 /CNW/ - Mimi's Rock Corp. (TSXV:
MIMI) ("MRC" or the "Corporation") is pleased to
announce that shareholders of the Corporation
("Shareholders") overwhelmingly approved the proposed
arrangement (the "Arrangement") with FitLife Brands, Inc.
("FitLife") at the special meeting of Shareholders held
earlier today (the "Special Meeting").
At the Special Meeting, the special resolution authorizing the
Arrangement was approved by: (i) approximately 99.9% of the
Shareholders present in person or represented by proxy; and (ii)
approximately 99.9% of the minority Shareholders, which excluded
the votes of Mr. David Kohler,
present in person or represented by proxy as determined in
accordance with Multilateral Instrument 61-101 – Protection of
Minority Shareholders in Special Transactions. The Shareholders
who participated in the vote represented approximately 43.1% and
27.4%, respectively, of all issued and outstanding common shares of
MRC entitled to vote on the special resolution authorizing the
Arrangement.
Transaction Update
Assuming that all approvals are obtained and all conditions
precedent are satisfied or waived, MRC anticipates that closing of
the Arrangement will occur on February 28,
2023.
Completion of the Arrangement remains subject to, among other
things, satisfaction of all conditions precedent to closing the
Arrangement, including the final approval of the Ontario Superior
Court of Justice (Commercial List). The hearing for the final order
of the Ontario Superior Court of Justice (Commercial List) to
approve the Arrangement is scheduled to take place on February 22, 2023.
Transaction Background
On December 4, 2022, the parties
entered into a definitive arrangement agreement whereby, subject to
the terms and conditions of the arrangement agreement, 1000374984
Ontario Inc., an affiliate of FitLife, agreed to acquire all of the
issued and outstanding common shares of MRC by way of a statutory
plan of arrangement pursuant to Section 182 of the Business
Corporations Act (Ontario). In
addition, pursuant to the Arrangement, all of the outstanding
options to acquire shares of MRC, to the extent they have not been
exercised prior to MRC's Option Exercise Deadline, will be
terminated for no consideration, will be null and void and will
cease to have further force and effect.
Further details regarding the Arrangement are set out in the
management information circular of MRC dated January 13, 2023, which is available on SEDAR
(www.sedar.com) under MRC's issuer profile.
About Mimi's Rock Corp.
Mimi's Rock Corp. (www.mimisrock.com) is an online dietary
supplement and wellness company which market and sells its products
under the Dr. Tobias, All Natural Advice and Maritime Naturals
brand names. The Dr. Tobias brand features over 30 products,
including the top-selling Colon
14-Day Cleanse and the #1 selling Omega 3 Fish Oil on
Amazon.com. All Natural Advice and Maritime Naturals products focus
on skin and beauty care. Products sold under the All Natural and
Maritime Naturals brand names are made in Canada and registered with Health Canada and
under the EU Cosmetics Act. All Natural Advice has been
featured on BNN as a top selling skincare brand in Canada, and has been rated the #1 Beauty Brand
on Amazon Canada for the past four years.
Cautionary Statement on
Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation based on
expectations, estimates and projections as at the date of this news
release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Although the Corporation believes that the assumptions and factors
used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
SOURCE Mimi's Rock Corp.