Broadway Gold Mining Ltd. Announces Shareholder and Court Approval and Closing Date of Previously Announced Plan of Arrangement With Mind Medicine, Inc.

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VANCOUVER, British Columbia, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (“Broadway” or the “Company”) (TSXV:BRD) (OTC:BDWYF) today announced that the Supreme Court of British Columbia has issued a final order approving the previously announced plan of arrangement between Broadway, Madison Metals Inc., Broadway Delaware Subco Inc. and Mind Medicine Inc. (“MindMed”), pursuant to which the current shareholders of MindMed will complete a reverse take-over of Broadway by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

The Arrangement was previously announced by the Company in its press release dated October 15, 2019 and was approved by the holders of the common shares of Broadway (the “Shareholders”) at an annual and special meeting (the “Meeting”) of Shareholders held on February 19, 2020. The required shareholder approval thresholds were met, with the Arrangement being approved by approximately 96.6% of the votes cast by Shareholders present in person or represented by proxy at the Meeting.

At the Meeting, Shareholders also, among other things, elected the directors of Broadway and appointed the auditor of Broadway (both before and after completion of the Arrangement), approved the consolidation of the existing issued and outstanding securities of Broadway on an eight-for-one (8-1) basis (the “Consolidation”), approved the creation of a class of majority voting shares which are expected to be issued, if at all, to preserve Broadway’s status as a foreign private issuer under U.S. securities laws, approved the change of name of Broadway’s common shares to “subordinate voting shares” and approved the de-listing of Broadway’s common shares from the TSX Venture Exchange. Such de-listing is expected to occur on the Effective Date (as defined below). Broadway will be renamed “Mind Medicine (MindMed) Inc.” on the Effective Date.

Broadway expects that the Arrangement will be completed on February 27, 2020 (the “Effective Date”) following the fulfillment of certain closing conditions customary in transactions of this nature and that the subordinate voting shares (as the Broadway common shares will be renamed) of the resulting issuer following the completion of the Arrangement (the “Resulting Issuer”), will be listed on the Neo Exchange Inc. (“Neo Exchange”) thereafter pursuant to the conditional listing approval received from the Neo Exchange. Final approval for listing is subject to the Resulting Issuer fulfilling all of the Neo Exchange’s listing requirements.