Entourage Health has entered into a definitive arrangement agreement with 1001007762 Ontario Inc. and 2437653 Ontario Inc. according to which 1001007762 Ontario Inc. will purchase all of the issued and outstanding common shares of Entourage, pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario).
Under the terms of the Arrangement Agreement, the Purchaser has agreed to acquire all of the Common Shares for cash consideration equal to C$0.005 per Common Share. The Arrangement Agreement also provides for the same Consideration to be paid to holders of certain vested convertible securities of the Company. In connection with the Transaction, the Company has also entered into debt settlement agreements with holders of C$1,013,050 in aggregate principal amount of unsecured debentures issued by a subsidiary of the Company.
Jason Alexander, director and Chair of the special committee of independent directors of the Company stated, "After thorough evaluation, the Special Committee is confident that the proposed Transaction offers the most favorable outcome for the Company and its shareholders in light of the current challenges and the upcoming expiration of the current forbearance agreement. The Transaction ensures shareholders receive immediate, tangible value while positioning the Company for future growth and flexibility."
For more information:
Entourage Health
entouragehealthcorp.com