TORONTO, April 01, 2021 (GLOBE NEWSWIRE) — Cluny Capital Corp. (the “Company” or “Cluny”) (TSXV:CLN.H), a capital pool company pursuant to Policy 2.4 (“Policy 2.4”) of the TSX Venture Exchange (the “Exchange”), is pleased to announce the voting results of its annual and special meeting of shareholders held on March 31, 2021. In addition to the election of directors, the re-appointment of the auditors, and the re-approval of the Company’s stock option plan, shareholders approved certain matters which are conditional on completion of the Company’s business combination transaction with Teonan Biomedical Inc., including (i) the change the name of the Company to “The Good Shroom Co Inc.” (Les bons Champignons inc); (ii) the continuance of the Company from an Ontario corporation to a corporation under the Canada Business Corporations Act; and (iii) the consolidation of the Company’s issued and outstanding common shares on the basis of one (1) post consolidation common share of the Company for each three (3) pre-consolidation common shares.
In addition, in accordance with recent amendments by the Exchange to the capital pool company (“CPC”) program and Policy 2.4, which became effective on January 1, 2021 (the “New CPC Policy”), the Company obtained disinterested shareholder approval to amend the escrow release conditions of the Company’s three CPC escrow agreements dated October 31, 2012 and June 6, 2018 (the “Escrow Agreements“) affecting up to 2,300,000 common shares (766,666 assuming completion of the consolidation). The proposed amendments to the Escrow Agreements would result in the Company’s escrowed common shares being subject to an 18 month escrow release schedule as detailed in the New CPC Policy, instead of the current 36 month escrow release schedule. The amendments to the Escrow Agreements are subject to the final approval of the Exchange and the execution of amending agreements reflecting the foregoing change. The accelerated release schedule will only affect those shareholders holding escrowed shares that execute an amending agreement.
For further information:
Cluny Capital Corp.
James Greig, Director
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking…