Lotus Ventures (TSE:J) has released an update.
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Lotus Ventures Inc. has reached an agreement with a major investor for a CAD $2.54 million funding deal, intended to satisfy creditor obligations and restructure the company’s ownership. The agreement, subject to court approval and other conditions, will see the investor becoming the sole shareholder, with subsidiary ResidualCo to be liquidated to meet creditor claims. Creditors approved the revised proposal, with the transaction’s anticipated completion set for June 2024.
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