GUELPH, ON, Sept. 17, 2021 /CNW/ - BIOREM Inc. (TSXV: BRM)
("Biorem" or "the Company") today announced that at the special
meeting of shareholders held on September
16, 2021 the shareholders approved the purchase for
cancellation of 23,434,121 common shares of the Company from
TPFG Environment Investment Limited ("TPFG").
Shareholders at the meeting overwhelmingly approved the purchase
for cancellation of 23,434,121 common shares from TPFG (the "TPFG
Shares") for total consideration of $12,316,974. Only disinterested shareholders were
eligible to vote at the meeting. The proposed transaction had been
previously announced in a news release on August 5, 2021 and a Material Change Report filed
on August 18, 2021.
Subject to obtaining final regulatory approval of the
transaction and satisfying other outstanding conditions to closing,
the transaction to repurchase the TPFG Shares is expected to close
in mid October. The share repurchase will be financed from existing
cash reserves of the Company along with $5
million in term debt from a Canadian chartered bank.
"This is an important milestone for the Company and it is
encouraging to have such full shareholder support", said
Derek Webb President and CEO. "This
large share buy back is not only immediately accretive to the
disinterested shareholders but is a key component of the long-term
growth strategy of the Company. Management is excited at achieving
this milestone and look forward to working with our stakeholders to
realize a common vision".
After the repurchase and cancellation of the TPFG Shares,
15,477,937 common shares will remain outstanding.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 1,600 installed systems
worldwide, BIOREM offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
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SOURCE Biorem Inc.