CALGARY, Alberta, 01 Oct 2021 (GLOBE NEWSWIRE) – Maple Leaf Green World Inc. (“Maple Leaf” or the “Society“), (CSE: MGW) and (OTCQB: MGWFF), announces that it will seek the approval of the Canadian Securities Exchange (the “CSE”) for a consolidation of shares of all of its issued and outstanding common shares (the “MGW shares”) on the basis of a (1) post-Reverse Split MGW Actions for six (6) MGW pre-Reverse Split Actions (the “Reverse Split”). In accordance with the Articles of Association of the Company, shareholder approval will not be required for the proposed Reverse Split. The proposed Reverse Split has been approved by the Board of Directors of the Company.
The proposed consolidation would reduce the number of MGW shares issued and outstanding from the 164,864,362 MGW shares currently outstanding to approximately 27,477,394 MGW shares. The Company has warrants outstanding to purchase 17,418,497 MGW shares reserved for issuance, or 2,903,083 MGW shares after the reverse split. The Company also has outstanding incentive stock options to purchase 4,950,000 MGW shares reserved for issuance, which is equivalent to 825,000 MGW shares after the reverse split. No fraction of a share, warrant or option will be issued in accordance with the Reverse Split and any fraction of a share that would otherwise have been issued will be rounded to the next lower whole number if this fraction of MGW share is less than 0 , 5 of an MGW share and will be rounded up to the next whole number if this fraction of an MGW Share represents at least 0.5 of an MGW Share. The exercise or conversion price and the number of MGW shares that may be issued upon exercise or conversion of one of the warrants, stock options and any other convertible security in MGW shares outstanding will be proportionately adjusted to reflect the split in accordance with the respective terms thereof. .
The Board of Directors of the Company and Greendrop Capital believe that the Reverse Split will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements. There is no change in activity associated or affected with regard to the Reverse Split. In addition, the Company will not change its name during the Reverse Split.
The Company has obtained a new set of new CUSIP and ISIN numbers (CUSIP: 565297306, ISIN: CA5652973069) for the Reverse Split. The effective date is October 7, 2021 and the registration date for the Reverse Split will be October 8, 2021. As a general rule, with respect to a Reverse Split, shares would start to trade on the CSE on a consolidated basis on the first trading day preceding the registration date, being the effective date and the CSE would publish a bulletin for brokers informing them of the Reverse Split and the effective date of trading on a consolidated basis. Notwithstanding the foregoing, the Reverse Split is subject to regulatory approval, and the Board of Directors may, at its discretion, decide to modify the terms or not to proceed with the Reverse Split.
For more information and updates regarding the Company, please visit https://www.mlgreenworld.com/.
For updates regarding the California CBG Hemp Project, please visit https://www.gsgreenworld.com/.
About Maple Leaf Green World Inc.
Maple Leaf is a Canadian public company focused on the hemp industry in North America. The Company currently has a hemp project in Southern California. With over 10 years of greenhouse management experience, the company applies its knowledge of eco-agriculture and cultivation technology to produce contaminant-free cannabis products. Maple Leaf’s long-term goal is to produce cannabis oil and export its products to approved countries. The Company’s common shares are listed on the Canadian Stock Exchange (“CSE”) under the symbol “MGW” and on the OTCQB market under the symbol “MGWFF”.
Forward-looking statements and cautions
This press release may include forward-looking statements, including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements regarding: the Proposed Transaction and the timing thereof -this ; When used in this document, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “intention”, “be able”, “plan”, “should” And similar expressions are intended to be part of statements that identify forward-looking statements. Forward-looking statements are based on the expectations and assumptions made by the Company which include, but are not limited to, the timely receipt of all required regulatory and third party approvals, including approvals from the CSE and Leaf shareholders. maple. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be achieved. A number of important factors could cause actual results to differ materially from forward-looking statements, including, but not limited to: regulatory and third party approvals, including CSE and Maple shareholders’ approvals Leaf, which would not be obtained as or when expected; the ability to implement business strategies; the state of national capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; and other factors more fully described from time to time in reports and documents filed by the Company with securities regulatory authorities. Please refer to the Company’s Annual Information Form (“Annual Information Form”) for the fiscal year ended December 31, 2020 and its Management’s Discussion and Analysis (“MD&A”) for additional risk factors related to the society. The Annual Information Form and the MD&A can be viewed under the Company’s profile at www.sedar.com.
Except as required by applicable law, the Company undertakes no obligation to publicly update or revise forward-looking statements.
For more information, please contact:
Green World Maple Leaf Inc.
Raymond Lai, Chairman of the Board, President and Chief Executive Officer
+1 (403) 452-4552