Nabis Holdings Inc. Announces Creditor Approval of Proposal
VANCOUVER, British Columbia, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) (“Nabis” or the “Company”) today announced that the Company’s previously announced proposal (as amended from time to time, the “Proposal”) under the Bankruptcy and Insolvency Act (Canada) (the “BIA”) was unanimously approved by the Company’s creditors (the “Creditors”) who were present (in person or by proxy) and voted at the meeting of the Creditors held virtually on December 14, 2020, in accordance with the voting procedures established by the Proposal and the BIA.
Pursuant to the Proposal, the Company will implement a recapitalization of the Company’s outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures and all other debts of the Company (the “Recapitalization”). Further details regarding the material terms of the Proposal are set out in the Company’s news releases dated November 23, 2020 and December 10, 2020. KSV Restructuring Inc. is acting the proposal trustee in respect of the Proposal (in such capacity, the “Proposal Trustee”) and a copy of the Proposal is available at the Proposal Trustee's website: www.ksvadvisory.com/insolvency-cases/case/nabis-holdings.
The Proposal Trustee intends to seek an order from the Ontario Superior Court of Justice (Commercial List) approving the Proposal in accordance with the BIA (the “Order”) at a hearing scheduled for 10:00 a.m. (Toronto time) on December 21, 2020. Implementation of the Proposal is subject to receipt of the Order and to satisfaction or waiver of certain other conditions precedent set forth in the Proposal.
Assuming satisfaction or waiver of the conditions contemplated by the Proposal within the expected timeframes, the Company anticipates implementing the Proposal on or prior to December 31, 2020.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property and all aspects of the U.S. and international cannabis sector. For more information, please visit https://www.nabisholdings.com/.
Certain statements included herein are forward-looking statements, including statements relating to the timing and impact of the Recapitalization. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These statements are based on certain assumptions, including that the Company will obtain the Order and that each of the parties to the Proposal will satisfy all conditions precedent to the Recapitalization. These forward-looking statements are subject to certain risks and uncertainties, including the risk that the Order may not be obtained and the risk that all necessary conditions precedent to the Recapitalization will not be satisfied or waived. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission. The Company has no obligation to update such forward-looking statements except as required by applicable law.
The Canadian Securities Exchange has neither reviewed nor approved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Emmanuel Paul, Chairman of the Board
Released December 15, 2020