Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is pleased to report the results of the special meeting of the holders of common shares and the Series 2 convertible preferred shares and a class meeting of the holders of the Series 2 convertible preferred shares held today (the “Special Meeting”).
At the Special Meeting, shareholders representing 99.62% of the votes cast attached to the common shares and the Series 2 preferred convertible shares and 98.44% percent of the votes cast attached to the series 2 convertible preferred shares, voted to approve a special resolution authorizing the Company to alter the articles of the Company that will in effect change the conversion date of the Series 2 convertible preferred shares such that each Series 2 shareholder shall be entitled to convert any whole number of Series 2 convertible preferred shares into validly issued, fully paid and non-assessable common shares on any business day after the eighteenth month anniversary, being October 24th, 2021, of the date upon which the Series 2 convertible preferred shares were issued by the Company (the “Alternation”).
In order for the resolution to pass, the Company required approval from two-thirds (2/3) of the votes cast by the common shareholders and the Series 2 shareholders present in person or represented by proxy at the Special Meeting. Management would like to thank shareholders of their overwhelming support of the Alternation resolution.
After careful consideration from the advice of its professional advisors, among other things, the board of directors believes that the holders of common shares, the holders of Series 2 convertible preferred shares and the Company as a whole will each benefit from the Alteration as it will allow the Company more time to build investor awareness in the Company, which in turn should allow for a more orderly market for the common shares when the Series 2 convertible preferred shares are convertible.
