/NOT FOR DISSEMINATION IN
The Company is also pleased to announce the conversion of the subscription receipts (the "Subscription Receipts") issued under the private placement offering (the "Offering") closed on
It is expected that the net proceeds of the Offering will be used to support the Company's retail initiative, marketing activities, development and launch of new products as well as for general working capital.
The full details of the Transaction are included in the Filing Statement available at www.sedar.com under the Company's profile. Final acceptance of the Transaction is subject to, and will occur, upon the issuance of the Final Exchange Bulletin after which, The Good Shroom Co will no longer be a capital pool company and will be classified as a Tier 2 Industrial Issuer trading under the symbol "MUSH". Subject to final approval, the Shares are expected to resume trading in the week of
Following the Consolidation, the Company had 4,897,412 Shares outstanding. As part of the Transaction, 31,891,344 Shares were issued (includes a finder's fee consisting of 1,400,000 Shares issued to an arm's length party) and, with the conversion of the Subscription Receipts, the Company now has 48,288,753 Shares issued and outstanding and the following convertible securities: 11,500,000 Warrants, 920,000 Compensation Options, and 375,123 options, are outstanding.
In connection with the Transaction, the Company's incumbent board of directors has resigned, and the board of directors has been reconstituted and is now comprised of the following individuals:
Early Warning
As principal shareholders of Teonan, upon completion of the Transaction,
The Company understands that each of
Neither
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the anticipated use of proceeds of the Offering. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions, including COVID-19. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. Investors are cautioned that, except as disclosed in the management information circular or filing statement prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
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