On December 19, 2024, RIV Capital Inc. completed the sale of all of its issued and outstanding Class A common shares to Cansortium Inc., operating under the FLUENT brand.
Pursuant to the transaction, RIV Capital shareholders received 1.245 of a common share of FLUENT in exchange for each RIV Capital share held. In addition, The Hawthorne Collective exchanged its existing unsecured convertible notes in the aggregate principal amount of US$160 million, including any accrued and unpaid interest payable by RIV Capital, for 153,069,395 non-voting exchangeable shares of FLUENT. As a result, shareholders of FLUENT hold approximately 51.25% of the combined business, and RIV Capital shareholders, including The Hawthorne Collective, Inc., hold approximately 48.75%.
The combined company will continue to operate under the FLUENT brand name and the FLUENT shares will continue to trade on the Canadian Securities Exchange.
Cassels acted for RIV Capital.