Golden Leaf Holdings Ltd. (CSE:GLH), formerly Longacre Resources, announced the completion of a reverse takeover of Golden Leaf Holdings Inc by way of three-cornered amalgamation.
As quoted in the press release:
Articles of continuance were filed today to continue Longacre Resources Inc. from British Columbia to Ontario under the name “Golden Leaf Holdings Ltd.”
Also, 2470251 Ontario Inc., a wholly owned subsidiary of the Company today amalgamated with GLHI (the “Amalgamation”) and the business and shareholders of GLHI, became the business and shareholders of the Company.
As a result of the Amalgamation, 60,488,736 common shares were issued by the Company to the former shareholders of Golden Leaf Holdings Inc., on a non-diluted basis.
Additionally, the Amalgamation resulted in 5,595,000 stock options of GLHI and 35,179,115 warrants and other convertible securities of GLHI becoming exercisable into common shares of the Company.
On completion of the Amalgamation, the former officers and directors of Longacre Resources Inc. resigned and a new board was appointed consisting of Don Robinson, Rick Miller, Andy Hartogh, Philip van den Berg, Sam Pillersdorf and Elijah Cohl. Don Robinson was also appointed CEO, Brian Gentry was appointed CFO and Rick Miller was appointed Chairman.
The Canadian Securities Exchange has provided conditional approval to have the common shares of the Company listed for trading. Trading of the common shares of Golden Leaf will commence after the Canadian Securities Exchange has provided final approval. All securities owned or controlled by officers, directors and promoters of Golden Leaf will become subject to a 36 month escrow in accordance with the policies of the Canadian Securities Exchange.