VANCOUVER, Feb. 6, 2020 /CNW/ - Thunderbird Entertainment
Group Inc. (TSXV:TBRD, OTC - THBRF) (Thunderbird or
the Company), today announced that all of the remaining
shares held in pool will be released effective February 11, 2020.
Pursuant to the terms of the RTO Plan of Arrangement, which was
entered into in conjunction with the public listing of the common
shares of Thunderbird in October
2018, all of the 36,660,588 common shares that were issued
to former shareholders of the predecessor company were held subject
to a pooling arrangement. Within the pooling arrangement the
trading of these shares was restricted until they were released in
stages over a period of 21 months following the initial
listing. The intent of the pooling arrangement was to help
ensure an orderly market following the initial listing of the
Company's shares.
Thunderbird's Board of Directors have determined the pooling
arrangement has served its purpose and further restriction of these
shares is no longer necessary. Accordingly, the remaining
9,314,443 shares, which are held in pool, will be released
effective February 11, 2020.
Furthermore, a total of 7,539,143 of these remaining pooled shares
are held by principals and insiders of Thunderbird. These shares
will remain subject to the restrictions set out in the "value"
escrow agreement that was entered into in accordance with the
policies of the TSX Venture Exchange at the time of the initial
listing.
Full descriptions of the terms of the pooling arrangement and
the value escrow agreement are contained in the Company's Filing
Statement dated October
29th, 2018 that is available in the Company's
profile at www.sedar.com.
About Thunderbird Entertainment Group Inc.
Thunderbird
Entertainment Group is a Vancouver-based global multiplatform
entertainment company with offices in Vancouver, Los
Angeles, Toronto,
Ottawa and London. Thunderbird creates
award-winning scripted, unscripted and animated programming
for the world's leading digital platforms, as well as Canadian
and International broadcasters. Thunderbird's vision is to produce
high quality, socially responsible content that makes the
world a better place. The Company develops, produces and
distributes animated, factual and scripted content through its
various divisions, including Thunderbird Kids and Family (Atomic
Cartoons), Thunderbird Factual (Great Pacific Media) and
Thunderbird Productions. Thunderbird also has a division based in
the United Kingdom dedicated to establishing partnerships
with production companies to develop the Company's intellectual
property (IP) and growth in key international territories.
Thunderbird is on Facebook, Twitter and Instagram at @tbirdent.
On Behalf of Thunderbird Entertainment Group Inc.
Jennifer Twiner
McCarron
Chief Executive Officer
For information on Thunderbird and to subscribe to the Company's
investor list for news updates, go to www.thunderbird.tv.
Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility of the adequacy or accuracy of this
release, which has been prepared by management.
SOURCE Thunderbird Entertainment Group Inc.
