Grata Technologies Inc. entered into a binding letter of intent to acquire Buzz Capital Inc. (TSXV:BUZ.P) in a reverse merger transaction on May 18, 2021. Buzz will acquire all of the issued and outstanding common shares of Grata pursuant to a three-cornered amalgamation resulting in the issuance to each shareholder of Grata, one post-consolidation common share for each one Grata share held by such holder immediately prior to the closing of the transaction. Under the terms of the LOI, it is currently anticipated that Buzz will, prior to the closing of the transaction, effect a consolidation of its outstanding common shares on the basis of one new common share for every 29.94012 pre-consolidation common shares; provided, however, that the Consolidation Ratio will be adjusted upward in the event that Buzz's cash position on the closing date is less than CAD 450,000. The Consolidation Ratio and mechanisms for the upward adjustment thereof remain subject to the terms of the definitive agreement. In connection with the transaction, Grata is expected to undertake a private placement of Grata shares at a price on CAD 6.14 per common share for gross proceeds of not less than CAD 10 million. Under the terms of the LOI, Buzz will, prior to the closing of the transaction, change its name to "Grata Technologies Inc." Following the completion of the transaction, the issuer resulting from the transaction is expected to carry on the current business of Grata.

The board of directors and officers of Buzz will be reconstituted to be comprised of such persons as nominated or selected by Grata. The transaction is subject the parties obtaining all required directors', shareholders', regulatory and third-party approvals and consents, including the conditional approval of the TSXV, for the transaction, the approval of all matters put forward by Buzz at the special meeting, completion of private placement, the completion of the consolidation, the name change, and the Board and Management Rollover, the completion of due diligence investigations to the satisfaction of each of Buzz and Grata and the entering into of the definitive agreement. The transaction is not subject to approval of Buzz shareholders. The LOI is expected to be superseded by a definitive amalgamation agreement to be executed by on or prior to June 15, 2021.

Grata Technologies Inc. cancelled the acquisition of Buzz Capital Inc. (TSXV:BUZ.P) in a reverse merger transaction on April 17, 2023. A number of conditions precedent contained in a letter of intent dated May 18, 2021 (the "LOI") have not been satisfied and, as a result, the LOI has lapsed. There are no penalty or break-up fees payable by either party nor were any deposits paid by the Corporation to Grata.