OTTAWA, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Mercal Capital Corp. (“Mercal” or the “Corporation”), a capital pool company (“CPC”), today announced that it has transferred to the NEX board (“NEX”) of the TSX Venture Exchange (“TSXV”).
The deadline for the Corporation to complete its Qualifying Transaction (as defined in the TSXV Policy 2.4 (the “CPC Policy”)) was August 24, 2018. Prior to this date, the Corporation was required to complete a Qualifying Transaction or receive the approval of its shareholders for the transfer of its listing to the NEX. The Corporation has not completed its Qualifying Transaction.
On February 23, 2018, the Corporation announced its Qualifying Transaction with Vitality CBD Natural Health Products Inc. (fka Serenity CBD Canada Inc.) (“Vitality”) a corporation incorporated under the Canada Business Corporations Act. Vitality’s US subsidiary intends on building a seed-to-sale manufacturing facility for the production of Cannabidiol and isolates from industrial Hemp. The Corporation’s letter of intent to acquire Vitality was extended on September 19, 2018 as the Corporation and the TSXV continue discussing the regulatory issues regarding industrial hemp in the United States.
The Corporation held its annual and special meeting of shareholders on October 11, 2018 at which time, pursuant to the CPC Policy, it received shareholder approval to transfer its listing to the NEX and to cancel an aggregate of 1,100,000 Seed Shares (as defined by the TSX Venture Exchange) held by Non-Arm's Length Parties of the CPC (including the officers, directors and insiders of the Corporation). The Corporation's listing will be transferred to NEX effective at the opening of trading on November 13, 2018. Trading will not be reinstated until the completion or cancellation of the Qualifying Transaction.
ABOUT MERCAL
The Corporation is a capital pool company (a "CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange Inc.'s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
For further information, please contact:
Mercal Capital Corp.
Tim McCunn
Chief Executive Officer
Telephone: (613) 566-2831
Email: tmccunn@perlaw.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.