Business
Dash Capital Corp. Enters into Letter of Intent for Qualifying Transaction with Simply Solventless Concentrates Ltd.
Calgary, Alberta--(Newsfile Corp. - June 11, 2021) - Dash Capital Corp. ( TSXV: DCX.P ) (" Das...
About this update from Simply Solventless Concentrates Ltd
[{"type":"text","content":"Dash Capital Corp. Enters into Letter of Intent for Qualifying Transaction with Simply Solventless Concentrates Ltd.Calgary, Alberta--(Newsfile Corp. - June 11, 2021) - Dash Capital Corp. (TSXV: DCX.P) (\"Dash\") and Simply Solventless Concentrates Ltd. (\"SSC\") are pleased to announce they have entered into a non-binding letter of intent (the \"LOI\") dated June 10, 2021, which outlines the general terms and conditions of a proposed business combination, by way of an amalgamation, arrangement, take-over bid or other similar form of transaction, which will result in SSC (or a successor corporation, as the case may be) becoming a wholly-owned subsidiary of Dash or otherwise combining its corporate existence with that of Dash at the applicable time (the \"Transaction\"). Dash, after completion of the Transaction, is referred to as the \"Resulting Issuer\".Dash is a \"capital pool company\" which completed its initial public offering on May 14, 2021. The common shares of Dash (\"Dash Shares\") are listed for trading on the TSX Venture Exchange (\"TSXV\") under the stock symbol \"DCX.P\". Dash has not commenced commercial operations and has no assets other than cash. It is intended that the Transaction, when completed, will constitute the \"Qualifying Transaction\" of Dash pursuant to Policy 2.4 - Capital Pool Companies (the \"CPC Policy\") of the TSXV.Terms of the TransactionPursuant to the terms and conditions of the LOI, Dash and SSC will negotiate and enter into a definitive agreement (the \"Definitive Agreement\") incorporating the principal terms of the Transaction as described in the LOI and this press release. There is no assurance that a Definitive Agreement will be successfully negotiated or entered into.The LOI was negotiated at arm's length. The terms and conditions outlined in the LOI are expected to be superseded by the Definitive Agreement. Pursuant to the Transaction, all of the issued and outstanding common shares of SSC (\"SSC Shares\") will be exchanged for Post Consolidated Dash Shares (as defined below) at an exchange ratio to be set out in the Definitive Agreement. Upon completion of the Transaction, and excluding the SSC Shares issued pursuant to the Private Placement (as defined below), SSC shareholders will own approximately 90% of the issued and outstanding Dash Shares, and Dash shareholders will own appro...