BIOREM today announced that at the special meeting of shareholders held on September 16, 2021 the shareholders approved the purchase for cancellation of 23,434,121 common shares of the Company from TPFG Environment Investment Limited (“TPFG”).
Shareholders at the meeting overwhelmingly approved the purchase for cancellation of 23,434,121 common shares from TPFG (the “TPFG Shares”) for total consideration of $12,316,974. Only disinterested shareholders were eligible to vote at the meeting. The proposed transaction had been previously announced in a news release on August 5, 2021 and a Material Change Report filed on August 18, 2021.
Subject to obtaining final regulatory approval of the transaction and satisfying other outstanding conditions to closing, the transaction to repurchase the TPFG Shares is expected to close in mid October. The share repurchase will be financed from existing cash reserves of the Company along with $5 million in term debt from a Canadian chartered bank.
“This is an important milestone for the Company and it is encouraging to have such full shareholder support”, said Derek Webb President and CEO. “This large share buy back is not only immediately accretive to the disinterested shareholders but is a key component of the long-term growth strategy of the Company. Management is excited at achieving this milestone and look forward to working with our stakeholders to realize a common vision”.
After the repurchase and cancellation of the TPFG Shares, 15,477,937 common shares will remain outstanding.