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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GrowMax Resources Corp | TSXV:GRO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.045 | 0.05 | 0 | 01:00:00 |
VANCOUVER, Aug. 31, 2018 /CNW/ - Kulwant Malhi and BullRun Capital Inc. (the "Concerned Shareholders") announced today, that the Concerned Shareholders received an exemption order from the Alberta Securities Commission (the "Order") which permits the Concerned Shareholders to solicit proxies by broadcast, speech or publication without sending an information circular to each GrowMax Resources Corp. ("GrowMax" or the "Corporation") (GRO:TSX-V) shareholder. The Order also permits the Concerned Shareholders to make non-public solicitations to not more than 15 GrowMax shareholders. The Concerned Shareholders intend to file and mail a dissident proxy circular in the days to follow in order to provide shareholders of GrowMax with a choice.
The Concerned Shareholders hold in aggregate 28,211,000 common shares of GrowMax, representing more than 13% of the outstanding shares of the Corporation.
Director Nominees
The Concerned Shareholders are also pleased to announce their proposed board of director nominees for the Corporation's upcoming annual and special meeting currently scheduled for September 25, 2018 - Kulwant (Kal) Malhi, Alfred Wong, Michael Sadhra and Bala Pratap Reddy Udumala (Pratap Reddy), to serve as directors of the Corporation (the "Concerned Shareholder Nominees"). The Concerned Shareholder Nominees have complementary backgrounds and experiences needed to steer GrowMax forward in the right direction.
The nominations and related information were provided to GrowMax on August 21, 2018, well in advance of the cutoff date for delivery of nominations in advance of the Annual Meeting and Special.
GrowMax's Questionable Proposed Transaction
When GrowMax had the trading in shares of GrowMax halted for more than a week without explanation to its shareholders, the Concerned Shareholders had hoped management would announce a transaction which would greatly benefit all shareholders of GrowMax. Unfortunately, the announcement is not as "transformative" as GrowMax alludes it to be. The targeted company Primasea Holdings' is the owner of a money losing operation, with a significant working capital deficiency and insufficient resources to carry out its business plan. There are significant flaws with the proposed transaction and shareholders will likely see the value of their investment decrease even further. This only reinforces the need for change. The Concerned Shareholders will provide more details in its voting materials and shareholders are encouraged to read the materials once it is available, prior to casting any vote.
SOURCE BullRun Capital Inc.
Copyright 2018 Canada NewsWire
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