On May 30, 2018, Canopy Rivers Corporation and AIM2 Ventures Inc. entered into a binding letter of intent pursuant to which Canopy Rivers will complete a reverse take-over of AIM2. Upon completion of the transaction, the combined company will carry on the business of Canopy Rivers with its securities listed for trading on the TSX Venture Exchange.
In addition, Canopy Rivers announced a $60 million financing co-led by CIBC Capital Markets, GMP Securities L.P. and Eight Capital. Canopy Rivers proposes to issue and sell subscription receipts, convertible into common shares, at a price of $3.50 per subscription receipt.
Cassels is acting for Canopy Rivers with a deal team that includes John Vettese, Jamie Litchen, Jonathan Sherman and Miriam El Ofir (Securities & Cannabis).