LOGiQ Asset Management Inc. has agreed to acquire all of the issued and outstanding common shares of Grenville Strategic Royalty Corp. on the basis of 6.25 LOGiQ common shares for each Grenville share.
The consideration that Grenville shareholders will receive reflects the relative values of LOGiQ and Grenville. Upon deal completion, existing shareholders of LOGiQ and Grenville will collectively own roughly 33% and 67% of the combined company, respectively.
LOGiQ's board of directors has unanimously approved the transaction and recommended that LOGiQ shareholders vote in favour of the special resolution approving the continuance of LOGiQ from Alberta into British Columbia, which is required to complete the transaction, and the ordinary resolution approving the issuance of LOGiQ shares.
Grenville's board of directors has also approved the transaction and recommended that Grenville shareholders vote in favour of the special resolution.
The transaction is subject to shareholder, Toronto Stock Exchange and Supreme Court of British Columbia approval, and the satisfaction of other closing conditions. LOGiQ and Grenville intend to complete the transaction as soon as possible after all conditions have been met or waived.
The transaction will require the approval by at least two-thirds of Grenville shareholders. The continuance of LOGiQ from Alberta into British Columbia will require approval by at least two-thirds of LOGiQ shareholders.
