Business
Dash Capital and Simply Solventless Announce Convertible Debenture Private Placement Undertaken by Simply Solventless and Plans to Proceed with Qualifying Transaction Without Concurrent Financing
Calgary, Alberta--(Newsfile Corp. - July 21, 2022) - Dash Capital Corp. (TSXV: DCX.P) (" Dash ...
About this update from Simply Solventless Concentrates Ltd
[{"type":"text","content":"Dash Capital and Simply Solventless Announce Convertible Debenture Private Placement Undertaken by Simply Solventless and Plans to Proceed with Qualifying Transaction Without Concurrent FinancingCalgary, Alberta--(Newsfile Corp. - July 21, 2022) - Dash Capital Corp. (TSXV: DCX.P) (\"Dash\") and Simply Solventless Concentrates Ltd. (\"SSC\") are pleased to announce that the concurrent financing of subscription receipts is no longer planned in connection with the previously announced Transaction (as defined below).As announced in the news release of Dash dated July 6, 2022, SSC is currently conducting a non-brokered private placement of convertible debentures of up to $1,000,000, the gross proceeds of which will be used for inventory, minor capital expenditures, the advancement of its branded product strategy and general working capital purposes. For information regarding this financing, please contact SSC.The TransactionAs previously disclosed on August 9, 2021, Dash, SSC and 2366191 Alberta Ltd. (\"Dash Subco\"), a wholly owned subsidiary of Dash, entered into an amalgamation agreement dated August 6, 2021 (the \"Amalgamation Agreement\"), which, among other things, sets forth the terms and conditions of the business combination, which will constitute the Qualifying Transaction (as defined in TSX Venture Exchange (the \"TSXV\") policies) of Dash (the \"Transaction\"). On February 3, 2022, Dash announced that Dash, SSC and Dash Subco entered into an amending agreement (the \"Amending Agreement\") to the Amalgamation Agreement dated January 31, 2022, with effect as of December 31, 2021. On July 6, 2022, Dash announced that Dash, SSC and Dash Subco entered into a second amending agreement (the \"Second Amending Agreement\") to the Amalgamation Agreement dated June 20, 2022, with effect as of May 31, 2022, which, among other things, extended the outside date for the completion of the Transaction. Upon completion of the Transaction, it is intended that Dash (the \"Resulting Issuer\") will continue SSC's business in the cannabis industry. Details of the Transaction, including the amount and type of proposed consideration, were previously disclosed in the news releases of Dash dated June 11, 2021, August 9, 2021, February 3, 2022, March 16, 2022, and July 6, 2022. A copy of the Amalgamation Agreement, Amending Agreement and Second Amen...