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Skyscape Capital Inc. Announces Changes in Accordance with New CPC Policy
Toronto, Ontario--(Newsfile Corp. - April 13, 2021) - Skyscape Capital Inc. (TSXV: SKY.P) (the...
About this update from Skycap Investment Holdings Inc.
[{"type":"text","content":"Skyscape Capital Inc. Announces Changes in Accordance with New CPC PolicyToronto, Ontario--(Newsfile Corp. - April 13, 2021) - Skyscape Capital Inc. (TSXV: SKY.P) (the \"Company\") announces that the Company intends to implement certain amendments to align with the TSX Venture Exchange's (the \"Exchange\") recently announced changes to its Capital Pool Company (\"CPC\") Program and Exchange Policy 2.4 - Capital Pool Companies (\"Policy 2.4\"), effective as of January 1, 2021 (the \"New CPC Policy\").In order for the Company to align certain of its policies with the New CPC Policy, the Company is required to obtain disinterested shareholder approval to implement certain changes. The Company will seek such approval at its upcoming annual general and special meeting of shareholders to be held on May 5, 2021 (the \"Meeting\"), for, among other things, approval to: (i) remove the consequences of failing to complete a Qualifying Transaction (\"QT\") within 24 months of the Company's date of listing on the Exchange; and (ii) amend the escrow release conditions and certain other provisions of the Company's CPC escrow agreement dated February 20, 2018 (the \"Escrow Agreement\"). These proposed amendments are described in further detail below.Removal of the 24 Month Deadline for Completing a QT Previously, under Policy 2.4 (the \"Former Policy\"), the Exchange could impose certain consequences if a CPC did not complete its QT within 24 months of its date of listing (the \"Original Deadline\"), including, among other things, the potential for the company's shares to be delisted or suspended, or transferred to NEX (subject to the approval of the majority of the company's shareholders) and the cancellation of certain seed shares. The New CPC Policy has removed these aforementioned consequences, in the event that a CPC does not complete its QT by the Original Deadline, assuming the CPC obtains disinterested shareholder approval. While the Company has entered into a definitive agreement for the completion of its QT with PesoRama Inc., as further outlined in the Company's press release dated March 22, 2021, there is no guarantee that this transaction will be completed, and the Company has already passed its Original Deadline. Therefore, the Company intends to seek disinterested shareholders to approve of the removal of such consequences at the ...