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Justify Capital Corp. Announces Shareholder Approval of Its Transition to the New CPC Policy
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Justify Capital Corp. ( TSXV:...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Justify Capital Corp. Announces Shareholder Approval of Its Transition to the New CPC PolicyVancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Justify Capital Corp. (TSXV: JST.P) (\"Justify\" or the \"Company\"), a capital pool company listed on the TSX Venture Exchange (\"TSXV\"), is pleased to announce the Company received disinterested shareholder approval at its special meeting of shareholders held on May 17th, 2021 (the \"Meeting\"), for the implementation of the certain changes needed to transition to the TSXV's Policy 2.4 - Capital Pool Companies (\"Policy 2.4\"), which became effective as at January 1, 2021 (the \"New CPC Policy\"). The certain changes approved by disinterested shareholders at the Meeting are as follows:to remove the consequences of failing to complete a \"Qualifying Transaction\" (as defined in Policy 2.4) within 24 months of Justify's date of listing on the TSXV; to amend the escrow release conditions and certain other provisions of Justify's escrow agreement including allowing Justify's escrowed securities to be subject to an 18-month escrow release schedule as detailed in the New CPC Policy, rather than the 36-month escrow release schedule under the previous Policy 2.4;to allow for the payment of finder's fees to non-arm's length parties in accordance with the New CPC Policy;to amend the Company's Stock Option Plan to, among other things, become a \"10% rolling\" plan prior to the Company completing a Qualifying Transaction.The Company confirms the above changes will be effected. Please refer to the Company's news release dated April 16th, 2021 and information circular filed on April 20th, 2021 for further details with respect to the changes.Other ChangesUnder the New CPC Policy, the Company is permitted to implement other certain changes without obtaining shareholder approval. Accordingly, the company wishes to have the option to take advantage of the following changes that do not require shareholder approval:increasing the maximum aggregate gross proceeds to the treasury that the Company can raise from the issuance of Shares in the IPO, seed shares and private placement to the new maximum of $10,000,000, rather than $5,000,000 which was the limit under the former policy; andremoving the restriction which provided that no more than the lessor of 30% of the gross proceeds from the sale of...