1CM Mails Circular for Annual and Special Meeting of Shareholders and Announces Receipt of Interim Court Order
1CM Inc. (MILFF) has announced the mailing of its management information circular for the upcoming annual and special meeting of shareholders on June 16, 2025. The meeting will consider a previously announced plan of arrangement with SNDL Inc. to acquire 32 cannabis retail stores operating under Cost Cannabis and T Cannabis banners across Ontario, Alberta, and Saskatchewan for $32.2 million in cash.
The company has received an interim court order from the Ontario Superior Court of Justice on May 6, 2025, authorizing the meeting proceedings. Directors and senior officers holding approximately 12.9% of 1CM's common shares have committed to voting in favor of the arrangement. The transaction is expected to close in Q3 2025, subject to shareholder approval and other conditions.
1CM Inc. (MILFF) ha annunciato l'invio del proprio circolare informativo per la gestione in vista della prossima assemblea annuale e straordinaria degli azionisti che si terrà il 16 giugno 2025. Durante l'incontro sarà esaminato un piano di riorganizzazione già comunicato con SNDL Inc. per l'acquisizione di 32 negozi di cannabis al dettaglio operanti sotto i marchi Cost Cannabis e T Cannabis nelle province di Ontario, Alberta e Saskatchewan, per un importo di 32,2 milioni di dollari in contanti.
L'azienda ha ottenuto un'ordinanza provvisoria dal Tribunale Superiore di Giustizia dell'Ontario il 6 maggio 2025, che autorizza lo svolgimento dell'assemblea. I direttori e i dirigenti senior, titolari di circa il 12,9% delle azioni ordinarie di 1CM, si sono impegnati a votare a favore dell'accordo. La transazione è prevista per il terzo trimestre del 2025, subordinatamente all'approvazione degli azionisti e al rispetto di altre condizioni.
1CM Inc. (MILFF) ha anunciado el envío de su circular informativa de gestión para la próxima junta anual y extraordinaria de accionistas que se celebrará el 16 de junio de 2025. En la reunión se considerará un plan de reorganización previamente anunciado con SNDL Inc. para adquirir 32 tiendas minoristas de cannabis que operan bajo las marcas Cost Cannabis y T Cannabis en Ontario, Alberta y Saskatchewan, por un importe de 32,2 millones de dólares en efectivo.
La compañía ha recibido una orden judicial provisional del Tribunal Superior de Justicia de Ontario el 6 de mayo de 2025, que autoriza la celebración de la reunión. Los directores y altos ejecutivos que poseen aproximadamente el 12,9% de las acciones ordinarias de 1CM se han comprometido a votar a favor del acuerdo. Se espera que la transacción se cierre en el tercer trimestre de 2025, sujeta a la aprobación de los accionistas y otras condiciones.
1CM Inc. (MILFF)는 2025년 6월 16일에 예정된 연례 및 특별 주주총회를 위한 경영 정보 서한을 발송했다고 발표했습니다. 이번 총회에서는 SNDL Inc.와 이미 발표된 합병 계획을 검토할 예정이며, 온타리오, 앨버타, 서스캐처원 지역에서 Cost Cannabis 및 T Cannabis 브랜드로 운영되는 32개의 대마초 소매점을 현금 3,220만 달러에 인수하는 안건이 포함되어 있습니다.
회사는 2025년 5월 6일 온타리오 고등법원으로부터 임시 법원 명령을 받아 총회 진행을 승인받았습니다. 약 12.9%의 1CM 보통주를 보유한 이사 및 고위 임원들이 이 합병안에 찬성 투표할 것을 약속했습니다. 거래는 주주 승인 및 기타 조건 충족을 전제로 2025년 3분기에 완료될 예정입니다.
1CM Inc. (MILFF) a annoncé l'envoi de sa circulaire d'information de gestion pour la prochaine assemblée annuelle et extraordinaire des actionnaires qui aura lieu le 16 juin 2025. Lors de cette réunion, un plan d'arrangement précédemment annoncé avec SNDL Inc. sera examiné, portant sur l'acquisition de 32 magasins de vente au détail de cannabis opérant sous les enseignes Cost Cannabis et T Cannabis en Ontario, en Alberta et en Saskatchewan, pour un montant de 32,2 millions de dollars en espèces.
La société a obtenu une ordonnance provisoire de la Cour supérieure de justice de l'Ontario le 6 mai 2025, autorisant la tenue de la réunion. Les administrateurs et cadres supérieurs détenant environ 12,9% des actions ordinaires de 1CM se sont engagés à voter en faveur de l'arrangement. La transaction devrait être finalisée au troisième trimestre 2025, sous réserve de l'approbation des actionnaires et d'autres conditions.
1CM Inc. (MILFF) hat den Versand seines Management-Informationsschreibens für die bevorstehende jährliche und außerordentliche Hauptversammlung der Aktionäre am 16. Juni 2025 angekündigt. Auf der Versammlung wird ein bereits angekündigter Fusionsplan mit SNDL Inc. geprüft, der den Erwerb von 32 Cannabis-Einzelhandelsgeschäften unter den Marken Cost Cannabis und T Cannabis in Ontario, Alberta und Saskatchewan für 32,2 Millionen US-Dollar in bar vorsieht.
Das Unternehmen hat am 6. Mai 2025 eine einstweilige Verfügung vom Superior Court of Justice in Ontario erhalten, die die Durchführung der Versammlung genehmigt. Direktoren und leitende Angestellte, die etwa 12,9% der Stammaktien von 1CM halten, haben sich verpflichtet, für die Vereinbarung zu stimmen. Der Abschluss der Transaktion wird für das dritte Quartal 2025 erwartet, vorbehaltlich der Zustimmung der Aktionäre und weiterer Bedingungen.
- Sale of 32 cannabis retail stores for $32.2 million in cash provides significant liquidity
- Management and directors holding 12.9% of shares support the transaction
- Clear timeline for transaction completion with expected close in Q3 2025
- Company divesting significant retail presence across three provinces
- Transaction subject to various closing conditions and approvals
Toronto, Ontario--(Newsfile Corp. - May 20, 2025) - 1CM Inc. (CSE: EPIC) (OTCQB: MILFF) (FSE: IQ70) ("1CM" or the "Company") announces today the mailing of its management information circular for the annual and special meeting of 1CM shareholders ("Shareholders") to consider the previously announced plan of arrangement (the "Arrangement") with SNDL Inc. ("SNDL"), pursuant to which SNDL will acquire, with the option to assign, 32 cannabis retail stores operating under the Cost Cannabis and T Cannabis banners in Ontario, Alberta and Saskatchewan for total consideration of
VOTING AT MEETING OF SHAREHOLDERS
1CM's annual and special meeting of Shareholders, at which Shareholders will, among other things, consider and, if deemed advisable, pass, with or without variation, a special resolution of the Shareholders to approve the Arrangement, will be held on June 16, 2025 in Toronto, Ontario (the "Meeting").
1CM is in the process of mailing its management information circular (the "Circular"), form of proxy or voting instruction form, as applicable, for the Meeting to Shareholders. These documents contain comprehensive information with respect to how registered and beneficial Shareholders may vote in advance of the Meeting. The management information circular is also available on SEDAR+ at www.sedarplus.ca and on its website at www.1CMinc.com. The record date for determining Shareholders eligible to vote at the Meeting was May 12, 2025.
The deadline for Shareholders to return their completed proxies or voting instruction forms is June 12, 2025, at 10:00 a.m. (Toronto time).
Each of the directors and senior officers of 1CM who hold shares have entered into voting support agreements pursuant to which they have committed to voting their shares, representing in the aggregate, approximately
RECEIPT OF INTERIM COURT ORDER
1CM, today, also announced that on May 6, 2025, it was granted an interim order by the Ontario Superior Court of Justice (Commercial List) (the "Interim Order") regarding the Arrangement. The Interim Order authorizes 1CM to proceed with various matters, including the holding of the Meeting to consider and vote on the proposed Arrangement. Subject to the receipt of the requisite approval of the Shareholders and the final approval of the Arrangement by the Court, and subject to the satisfaction or waiver of the other conditions to completion of the Arrangement, the Arrangement is expected to close in the third quarter of 2025.
About 1CM Inc.
1CM Inc. is a retailer of cannabis and liquor in Canada with a track record of developing cash-flow positive locations. Following closing of the Arrangement, 1CM expects to continue to develop new cannabis and liquor retail locations through organic growth and by way of future merger and acquisition transactions. For more information, please visit www.1CMinc.com.
For more information, please contact:
Harshil Chovatiya
CFO & COO 1CM Inc.
Tel: (717) 888-8889
info@1cminc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information set forth in this news release may contain certain "forward-looking statements" within the meaning of applicable securities law ("forward-looking statements"), including, but not limited to, statements regarding the timing for the Meeting and closing of the Arrangement. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "likely", "outlook", "forecast", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Please the risk factors discussed in the Circular and in 1CM's annual and quarterly management's discussion and analysis, for a discussion of the material risk factors that could cause actual results to differ materially from the forward-looking information. 1CM is not under any obligation and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252836
FAQ
What is the value of SNDL's acquisition of 1CM's cannabis retail stores?
When is the 1CM shareholder meeting to vote on the SNDL arrangement?
How many 1CM retail stores are included in the SNDL acquisition?
What percentage of 1CM shares have committed to voting in favor of the SNDL arrangement?
When is the expected closing date for the MILFF-SNDL transaction?
