The Ontario Securities Commission has granted Agrinam Acquisition Corporation (Agrinam) an exemption from the minority approval and formal valuation requirements under Part 5 of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). Agrinam, a special purpose acquisition corporation (SPAC), has no operations or operating revenues until it completes its qualifying acquisition. Its authorized capital consists of Class A restricted voting shares and Class B shares. The gross proceeds from the initial public offering (IPO) of the Class A restricted voting shares were put into an escrow account to satisfy any redemptions and fund the qualifying acquisition. The Class B shares do not have access to the escrow account funds. The exemption was granted subject to conditions, including that the related party transaction associated with Agrinam’s qualifying acquisition would qualify for the 25% market capitalization exemption if the Class A restricted voting shares represented all of the outstanding equity securities of Agrinam.
