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August 7, 2018 – Vancouver, British Columbia – On July 26, 2018, Ascent Industries Corp. (“Ascent” or the “Company”) held a special meeting (the “Meeting”) of its shareholders to consider the proposed amalgamation (the “Amalgamation”) of the Company and Paget Minerals Corp. (“Paget”), in connection with a proposed public listing of the amalgamated company (“Amalco”) on the Canadian Securities Exchange (the “CSE”) as previously announced. The Company is pleased to announce that the Amalgamation was approved by all the shareholders of Ascent at the Meeting. In addition, at a meeting of the shareholders of Paget held immediately after the Meeting of Ascent shareholders, the shareholders of Paget also overwhelmingly approved the Amalgamation, as well as the delisting of Paget from the NEX board of the TSX Venture Exchange.
On August 3, 2018, Ascent received written notification from the CSE that Amalco has been conditionally approved for listing on the CSE, subject to the completion of outstanding CSE application documentation and the payment of fees. The CSE has confirmed that Amalco will begin trading on August 9, 2018, under the symbol “ASNT”.
Results of Special Meeting of Shareholders
Shareholders of Ascent voted 100% in favour of the Amalgamation, while shareholders of Paget supported the Amalgamation with greater than 99% in favour. The successful completion of the Meeting and support for the Amalgamation marks the successful conclusion of one of the final critical steps in Ascent’s go-public process.
Philip Campbell, Ascent’s CEO, remarked “We at Ascent are extremely excited to begin the next phase of our growth, becoming a publicly traded company with the resulting liquidity for our shareholders, and expanded access to capital as we continue to grow. We plan to continue to meet challenges head-on as we steadily build out our business under the leadership of what we believe is a world class management team in the cannabis industry.”
Philip Campbell added “On behalf of Ascent, I am grateful to all our shareholders for their long-term support for the Company. I would also like to express my appreciation to all of our various partners who have helped us reach this day – capital providers, industry partners, advisors, and especially employees. I am looking forward to building value for all stakeholders as a public company.”
Ascent Receives Conditional Listing Approval from CSE
On July 31, 2018, the CSE provided the Company with a conditional listing approval letter in respect of Amalco. On August 3rd, the Company gained access to the funds raised by the Company in the previously completed subscription receipt offering for gross proceeds of approximately $19.2 million. Furthermore, upon completion of the Amalgamation, the proceeds from the private placement totaling approximately $2.4 million recently completed by Paget will also become available. The Amalgamation will be completed and the Amalco shares will begin trading on Aug 9th, 2018 under the ticket “ASNT”.
Ascent would also like to announce certain changes to its executive management team. Philip Campbell, Chief Executive Officer, is pleased to announce that Blair Jordan, previously VP Corporate Development for Ascent, assumed the role of Chief Financial Officer of Ascent on August 3, 2018. Mr. Jordan was instrumental in arranging and structuring the Amalgamation, and the concurrent financing of approximately $19 million. He has significant capital markets experience, having been Managing Director at Echelon Wealth Partners Inc. in
For further information, please contact:
Philip Campbell, Chief Executive Officer and Director, Ascent, Telephone: 1.604.928.2988, Email: [email protected]