Business
Spectre Announces Termination of Proposed Qualifying Transaction
VANCOUVER, BC / ACCESSWIRE / March 25, 2022 / Spectre Capital Corp. (TSX.V:SOO.P) (the " Co...
About this update from Spectre Capital Corp.
[{"type":"text","content":"Spectre Announces Termination of Proposed Qualifying TransactionVANCOUVER, BC / ACCESSWIRE / March 25, 2022 / Spectre Capital Corp. (TSX.V:SOO.P) (the \"Company\" or \"Spectre\"), a capital pool company listed on the TSX Venture Exchange (the \"Exchange\"), is providing an update on its proposed acquisition of Hemptown Organics Corp. (\"Hemptown\"), a privately held British Columbia company (the \"Transaction\").The Company and Hemptown have decided to terminate the Transaction due to unfavourable market conditions in the Canadian hemp sector, and Hemptown deciding to pursue a US public listing instead (the \"Termination\"). In connection with the Termination, the Company and Hemptown have entered into a termination agreement, dated March 22, 2022, whereby, among other things, Hemptown has agreed to issue 2,000,000 common shares in the capital of Hemptown to the Company as a break fee and the Company and Hemptown have released each other from all matters relating to the Transaction and the Termination, including Hemptown's obligation to repay $225,000 loaned to Hemptown by Spectre (with a corresponding release of Spectre's security respecting the loan) and $16,934 owed by Hemptown to Spectre arising from expenses paid by Spectre on Hemptown's behalf.The Company is in the process of seeking approval from the Exchange for the resumption of trading of the Company's common shares. In addition, the Company is continuing to evaluate and review alternative acquisition opportunities with a view to completing its Qualifying Transaction. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accept responsibility for the adequacy or accuracy of this news release.About SpectreSpectre is a capital pool company governed by the policies of the Exchange. Spectre's principal business is the identification and evaluation of assets or businesses with a view to completing a Transaction.About HemptownHemptown is a diversified cannabinoid company delivering a wide product offering across the value chain, and in multiple sales channels, to meet the growing global demand for cannabinoid-based products. State-of-the-art cultivation in Oregon's Rogue Valley, FDA-licensed and cGMP certified product manufacturing, and a strong leadership team with Fortune 500 experience are the pillars for Hempt...