Green Growth Brands Announces Closing of Asset Sale
COLUMBUS, Ohio, March 31, 2021 (GLOBE NEWSWIRE) — Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and certain of its direct and indirect wholly owned subsidiaries (collectively, the “Company“) today announced that, in connection with its creditor protection proceedings under the Companies’ Creditors Arrangement Act and previously announced sale and investment solicitation process, the Company completed the sale transaction (the “Transaction”) contemplated by the second amended and restated acquisition agreement (the “Acquisition Agreement”) dated as of December 17, 2020 among the Company, All Js Greenspace LLC and Capital Transfer Agency in its capacity as the debentureholder trustee of the Company’s (A) US$45,500,000 aggregate principal amount of 15.00% secured convertible debentures that matured May 17, 2020 and (B) US$23,717,000 aggregate principal amount of 5.00% secured convertible debentures maturing in 2024. The Transaction was structured as a credit bid.
The Company no longer has any operating assets or active business. Ernst & Young Inc. (“E&Y”), the Court-appointed monitor of the Company will assist with the wind-down of the Company’s remaining affairs.
A copy of the Acquisition Agreement is available on the website maintained by E&Y at www.ey.com/ca/ggbi.
The Company does not expect to issue any further press releases.
For investor relations inquiries, please contact:
Kent Kiffner
General Counsel
Green Growth Brands Inc.
kkiffner@greengrowthbrands.com
