Maitri Health Corp. entered into a non-binding letter of intent to acquire Dizun International Enterprises Inc. (CNSX:KDZ.X) in a reverse merger transaction for CAD 35.8 million.
Upon completion, it is anticipated that the Board of Directors of Resulting Issuer shall be reconstituted to consist of such directors as Maitri shall determine, and each of the officers of Dizun shall resign and be replaced with officers appointed by the new Board of Directors. It is anticipated that the Directors of the Resulting Issuer will be Sav DiPasquale, Tony Clement, Solomon (Sam) Pillersdorf and Gavin Cooper, and the officers will be Andrew Morton and Marlis Yassin. Sav DiPasquale will serve as Board Chair, Andrew Morton will serve as Chief Executive Officer and Director and Marlis Yassin will serve as Chief Financial Officer and Corporate Secretary of the Resulting Issuer.
The transaction is subject to satisfaction of customary closing conditions, including, each of Dizun and Maitri obtaining any requisite director and shareholder approvals, completion of due diligence investigations to the satisfaction of each of Dizun and Maitri, Dizun and Maitri entering into the definitive agreement, completion of the Consolidation and the name change, all requisite regulatory and stock exchange approvals relating to the transaction and Canadian Securities Exchange approval for the listing of the Resulting Issuer shares having been obtained. The Board of Dizun International recommends that the shareholders to vote in favor of the resolution to elect, conditional on and effective following the closing of transaction, a new Board to hold office, as of September 18, 2020. As of November 13, 2020, Dizun received conditional approval from the Canadian Securities Exchange to list the Resulting Issuer shares for trading pursuant to the transaction. The transaction is expected to be completed in the fall of 2020. As of November 13, 2020, the transaction is expected to close on November 17, 2020. Computershare Investor Services Inc. acted as transfer agent to Dizun International.