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Spackman Equities Group Inc. Provides Update on Reverse Take-Over with Crystal Planet Limited and Timing of Shareholder Meeting
Toronto, Ontario--(Newsfile Corp. - January 10, 2024) - Spackman Equities Group Inc. (TSXV: SQG) ...
About this update from Spackman Equities Group Inc.
[{"type":"text","content":"Spackman Equities Group Inc. Provides Update on Reverse Take-Over with Crystal Planet Limited and Timing of Shareholder MeetingToronto, Ontario--(Newsfile Corp. - January 10, 2024) - Spackman Equities Group Inc. (TSXV: SQG) (\"SQG\" or the \"Company\") wishes to provide an update on the proposed reverse take-over (the \"RTO\") with Crystal Planet Limited (\"CPL\") described in the press releases of the Company dated February 6, 2023, and August 4, 2023. Extension for Completion of RTOThe Company and CPL have agreed to amend the share exchange agreement previously entered into between the parties (the \"Agreement\") to extend the outside date for completion of the RTO from October 31, 2023 to June 30, 2024. The parties have also agreed to an increase in the size of the minimum financing to approximately US$7,050,000. Annual General and Special MeetingThe Company also announces that, further to its announcement regarding the proposed RTO, the Company plans to hold an annual general and special meeting prior to the end of the first quarter of 2024 to seek shareholder approval for customary annual meeting matters as well as matters including but not limited to approving the RTO and a 5-to-1 share consolidation.RTO Process and Next StepsThe full particulars of the RTO and the resulting issuer will be described in the management information circular to be prepared in accordance with the policies of the TSXV for the purpose of the meeting of the shareholders of SQG at which approval for the RTO will be sought. A copy of the circular will be available electronically on SEDAR+ (www.sedarplus.ca) under SQG's issuer profile in due course. Copies of the circular will also be made available on the Company's website at: www.spackmanequities.com.The Agreement contains customary representations and warranties for a transaction of this kind and was approved by the Board of Directors of each of SQG and CPL. Completion of the RTO is subject to a number of conditions including, but not limited to, approval of the TSX Venture Exchange (the \"TSXV\") and, if applicable, disinterested shareholder approval. Where applicable, the RTO cannot close until the required shareholder approval is obtained, in addition to required regulatory and other approvals. There can be no assurance that the RTO will be completed as proposed or at all. Investors are caution...