NORTH VANCOUVER, BC, Sept. 9 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company") announced today that, at an annual and special meeting held today, its shareholders approved the previously announced plan of arrangement (the "Arrangement") involving, among others, Chromos, Calyx Bio-Ventures Inc. ("Calyx"), a wholly-owned subsidiary of Chromos, and Modatech Systems Inc. ("Modatech") under section 288 of the Business Corporations Act (British Columbia).
Upon completion of the Arrangement, Calyx will be the holder of all of the assets, property and undertaking of Chromos, together with additional cash of $2.35 million (before taking into account certain expenses relating to the transaction), and will be responsible for all of Chromos' obligations up to the effective time of the Arrangement. Furthermore, among other things, the shareholders of Chromos will hold all of the issued and outstanding shares of Calyx and all of the Class A voting preferred shares of an entity to be formed by the amalgamation of Modatech and 0828688 B.C. Ltd., a corporation which is currently a wholly-owned subsidiary of Chromos. Such shares will be entitled to an annual cumulative dividend of 6% per year of the retraction price and are retractable by the holder at any time after August 31, 2013 at a price of $0.056401 per share, for an aggregate retraction price of $500,000 to the shareholders of Chromos, plus dividends accrued up to such date.
The special resolution approving the Arrangement was approved by approximately 99.83% of the votes cast by holders of common shares. Final voting results will be made available on SEDAR at http://www.sedar.com.
The Arrangement remains subject to court and customary regulatory
approvals and the hearing in respect of the final order to approve the
Arrangement is currently scheduled to take place on September 11, 2008,
with completion of the transa
|SOURCE Chromos Molecular Systems Inc.|
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