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Navion Announces Shareholder Meeting and Proposed Implementation of Changes in Accordance with New TSXV CPC Policy
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES CAL...
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[{"type":"text","content":"Navion Announces Shareholder Meeting and Proposed Implementation of Changes in Accordance with New TSXV CPC PolicyNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / May 27, 2021 / Navion Capital Inc. (TSXV:NAVN.P) (the \"Corporation\") announces its intention to implement (subject to shareholder approval) certain amendments to avail itself of changes arising from the TSX Venture Exchange's updated Policy 2.4 - Capital Pool Companies that came into effect on January 1, 2021 (the \"New CPC Policy\").Under the New CPC Policy, an existing Capital Pool Company (\"CPC\") can implement certain changes with specific disinterested shareholder approval. Further to this, the Corporation will be seeking such approval at its upcoming annual and special meeting of shareholders scheduled to be held on June 22, 2021 (the \"Meeting\"), to carry out regular annual meeting matters and the following special meeting matters: (i) to amend certain items in the Corporation's Stock Option Plan (ii) to remove the consequences of failing to complete a Qualifying Transaction within 24 months of the date the Corporation's common shares became listed on the Exchange; (iii) to enter into a new escrow agreement in the form approved for Capital Pool Companies by the Exchange effective January 1, 2021, to supersede and replace the original share escrow agreement entered into by the Corporation; and (iv) to permit the payment of a finder's fee or commission to a Non-Arm's Length Party of the Corporation upon completion of the Qualifying Transaction in accordance with the New CPC Policy.The proposed amendments are described in further detail in the Management Information Circular of the Corporation, which will be mailed to shareholders and filed on SEDAR on or before the prescribed mailing date. A summary of the proposed amendments are as follows:Amend Certain Items in the Corporation's Stock Option PlanThe amendments to the Option Plan, will (i) allow the total number of common shares of the Corporation (the \"Shares\") reserved for issuance as options not to exceed 10% of the Shares issued and outstanding as at the date of grant, rather than at the closing date of the initial public offering (\"IPO\"), for options issued prior to the QT; (ii) allow the number of Shares reserved for issuance as options t...