Business
High Mountain 2 Capital Corporation Announces Changes in Accordance with Amended CPC Policy
Calgary, Alberta--(Newsfile Corp. - September 2, 2022) - High Mountain 2 Capital Corporation (...
About this update from High Mountain 2 Capital Corp.
[{"type":"text","content":"High Mountain 2 Capital Corporation Announces Changes in Accordance with Amended CPC PolicyCalgary, Alberta--(Newsfile Corp. - September 2, 2022) - High Mountain 2 Capital Corporation (TSXV: HMCC.P) (the \"Corporation\") a capital pool company as defined under Policy 2.4 - Capital Pool Companies (\"CPC\") of the TSX Venture Exchange (the \"Exchange\"), announces changes that are in accordance with the Amended CPC Policy.Changes in Accordance with Amended CPC PolicyThe Corporation is pleased to announce that due to changes made by the Exchange to its CPC program and changes to the Exchange's Policy 2.4 - Capital Pool Companies, which became effective as at January 1, 2021 (the \"Amended CPC Policy\"), the Corporation intends to implement certain amendments to further align its policies with the Amended CPC Policy, in addition to its annual and special matters at the Meeting (defined below).Pursuant to the Amended CPC Policy, in order for the Corporation to align certain of its policies with the Amended CPC Policy it is required to obtain the approval of disinterested shareholders of the Corporation. As a result, the Corporation will be seeking such approval at its upcoming annual general and special meeting of shareholders scheduled to be held on October 12, 2022 (the \"Meeting\"), for the following matters: (i) to remove the consequences of failing to complete a Qualifying Transaction (\"QT\") within 24 months of the Corporation's date of listing on the Exchange (the \"Listing Date\"); (ii) to amend the Corporation's stock option plan (the \"Option Plan\") to, among other things, incorporate amendments informed by the Exchange's new Policy 4.4 - Security Based Compensation, adopted November 24, 2021, and, as required under the Amended CPC Policy, permitting the Corporation to reserve for issuance 10% of the common shares of the Corporation (\"Common Shares\") as at the date of grant of any stock option, rather than 10% of the Common Shares outstanding as at the closing of the Corporation's initial public offering (\"IPO\"); and (iii) to amend the escrow release conditions and certain other provisions of the Corporation's Escrow Agreement (the \"Escrow Agreement\"). These proposed amendments are described in further detail below.Removal of the Consequences of Failing to Complete a QT within 24 Months of the Listing DatePrior to t...