At a Special Shareholder Meeting held in Auckland on 28 April 2023, shareholders of Cannasouth Limited (NZX:CBD) overwhelmingly approved the proposed merger with Eqalis Group New Zealand Limited.
The merger, which requires the issue of 147,891,069 new ordinary fully paid shares in the company, as well as the issue of up to 37,931,034 new ordinary fully paid shares and up to 18,965,517 options to a combination of existing CBD shareholders, existing Eqalis shareholders, and third party investors, was approved alongside the appointment of three new directors and an increase in the aggregate maximum amount of fees which can be paid to the Directors.
Following the meeting, the company will launch a capital raising initiative on 1 May 2023.
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