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Canna 8 Investment Trust Reports Results of Its Annual General and Special Meeting and Provides Update on the Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - July 21, 2021) - Canna 8 Investment Trust (TSXV: RCR.P) ("...
About this update from Canna 8 Investment Trust
[{"type":"text","content":"Canna 8 Investment Trust Reports Results of Its Annual General and Special Meeting and Provides Update on the Qualifying TransactionToronto, Ontario--(Newsfile Corp. - July 21, 2021) - Canna 8 Investment Trust (TSXV: RCR.P) (\"Canna 8\" or the \"Trust\") is pleased to announce that, due to changes announced by the TSX Venture Exchange (the \"Exchange\") to its Capital Pool Company program and changes to the Exchange's Policy 2.4 - Capital Pool Companies, which became effective as at January 1, 2021 (the \"New CPC Policy\"), the Trust intends to implement certain amendments to further align its policies with the New CPC Policy. Pursuant to the New CPC Policy, in order for the Trust to align certain of its policies with the New CPC Policy it is required to obtain the approval of disinterested unitholders of the Trust.The Trust submitted to unitholders for approval, as set out in detail in the Trust's management information circular (\"Circular\") dated May 20, 2021, among other things, the removal of the consequences associated with the Trust not completing a Qualifying Transaction (as such term is defined in the Exchange policies) within 24 months of its listing date and the authorization of the Trust to make certain amendments to the Trust's escrow agreement (the \"CPC Resolutions\"). The annual and special meeting of unitholders was held on June 25, 2021 (the \"Meeting\") and all matters submitted to unitholders were approved.At the Meeting, in addition to the approval of the CPC Resolutions, RSM Canada LLP was reappointed as the auditor of the Trust, the Trust's stock option plan was approved and the incumbent members of the board of trustees, being Dean Parmar, Nebojsa Dobrijevic, Sundeep Cheema, Shant Poladian and Gopikannan Pillai, were re-elected.Disinterested unitholders of the Trust approved the amendment of the Trust's escrow release agreement. Pursuant to these amendments, the Trust's escrowed securities will now be subject to only an 18-month escrow release schedule, whereby 25% of the escrowed securities will be released from escrow on the date the Exchange issues a final bulletin for the Trust's Qualifying Transaction and 25% of the escrowed securities will be released from escrow on each of the 6, 12 and 18 months following such date. Other Changes: Under the New CPC Policy, the Trust is permitted to implement cert...