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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/08/15 -- Imperial Ginseng Products Ltd. (the "Company" or "Imperial") (TSX VENTURE: IGP)(TSX VENTURE: IGP.PRA.A) is pleased to announce that further to its press release of April 29, 2015, holders of the Company's convertible preference shares, Series "A" ("Preferred Shareholders") have approved an arrangement (the "Arrangement") at a special meeting (the "Meeting") held earlier today.
The Arrangement was approved at the Meeting by 95% of the Preferred Shareholders who voted, representing approximately 79.4% of the Preferred Shares voted. Under the Arrangement, Preferred Shareholders will receive either $0.50 cash or 1.11 common shares of the Company for each of their Preferred Shares exchanged. Completion of the Arrangement is subject to the satisfaction or waiver of certain conditions, including the receipt of a final order of the Supreme Court of British Columbia and approval from the TSX Venture Exchange ("TSXV"). The Arrangement is expected to close on or before June 30, 2015.
Upon completion of the Arrangement, the Preferred Shares will be delisted from the TSXV. The common shares of the Company will continued to be listed on the TSXV.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen McCoach, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Contacts: Imperial Ginseng Products Ltd. Stephen McCoach (604) 689-8863 NEXT ARTICLE