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CGOC Announces Results of Annual and Special Meeting

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TORONTO, May 1, 2020 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE:CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, is pleased to announce the results from the Company's annual and special meeting of shareholders held on Thursday, April 30, 2020 (the "Meeting").

Shareholders holding a total of 11,247,248 common shares of the Company were represented in person or by proxy at the Meeting, representing 45.46% of the votes attached to all outstanding common shares of the Company as at the record date. The Company reports that shareholders voted overwhelmingly in favour of all matters submitted before the Meeting with each motion receiving more than 97% support from those votes cast collectively at the Meeting. Such matters approved at the Meeting, as more particularly described and set forth in the Company's management information circular, dated March 31, 2020, included:

  1. The appointment of MNP LLP, Chartered Professional Accountants, as auditors of the Company for the ensuring year and authorizing the board of directors to fix its remuneration;

  2. The election of Messrs. Sean Conacher, Paul Andersen, Nick J. Richards, Gary Yeoman and Graham Simmonds to serve as directors of the Company and to hold office until the next annual meeting of shareholders or until their successors are elected or appointed;

  3. Certain amendments to the Company's By-Law No. 1 to update the Company's investment objectives, to add advanced notice provisions with regards to the election of directors and other housekeeping amendments;

  4. An amendment to the Company's By-Law No. 1 to remove the investment restriction prohibiting the Company from investing more than 40% of its total assets in securities of private issuers;

  5. An amendment to the Company's By-Law No. 1 to remove the investment restriction prohibiting the Company from investing more than 10% of its total assets in securities of any single issuer;

  6. An amendment to the Company's By-Law No. 1 to remove the investment restriction prohibiting the Company from borrowing money or employing any other forms of leverage greater than 25% of the value of the Company's public portfolio;

  7. An amendment to the Company's articles of incorporation to reduce the maximum number of directors of the Company from ten (10) to six (6); and

  8. An amendment to the Company's articles of incorporation to change the name of the Company as the board of directors may determine, in its sole discretion.  

The Company would like to remind shareholders that the name change resolution does not take immediate effect and therefore the board of directors will update shareholders with respect to any proposed name change at the appropriate time.

About CGOC

CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the Company's business plan and matters relating thereto, and risks associated with the Company's investments and financial objectives, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's public filings on SEDAR. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Cannabis Growth Opportunity Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2020/01/c1258.html

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