Vancouver, British Columbia--(Newsfile Corp. - May 10, 2021) - MONITOR VENTURES INC. (NEX: MVI.H) ("Monitor" or "Company") announces that it has scheduled its annual and a special meeting for June 23, 2021 ("Meeting"). At the Meeting, shareholder approval will be sought to, among other things, issue more than 100% of Monitor's outstanding shares in any 12 month period as required by the NEX policy of the TSX Venture Exchange ("Exchange") and to delist Monitor's shares from trading on NEX subject to the Company's board of directors determining that delisting is appropriate.
As at December 31, 2020, the Company had a working capital deficiency of approximately $928,000. Subsequent to year-end, a loan of $25,000 from a director was received to fund the year-end audit and the costs of the Meeting.
The Company hopes to negotiate a reduction in the amount of its accounts payable and a financing to provide working capital to pursue new business opportunities, however, the unexpected elevated trading price range of its shares has restricted its ability to do so, putting the Company's ability to reorganize in doubt. Without the constraints of the Exchange's policies and the elevated trading price of the Company's shares, the Company believes it will be able to complete a financing on a timely basis, which will allow it to satisfy its re-negotiated accounts payable, complete a new acquisition and, subsequently, submit an application for a listing on a recognized stock exchange. If Monitor's shares are delisted from the Exchange, its shareholders may not be able to sell their shares. No assurance can be given as to if, or when, Monitor's shares will be relisted or traded on any stock exchange.
The Company expects the Exchange will require majority of the minority shareholder approval for any delisting application pursuant to TSXV policy 2.9 since a satisfactory alternative market for trading of the Company's shares will not exist upon delisting.
Monitor Ventures Inc. trades on the NEX under the symbol "MVI.H".
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
For further information, please contact:
Bill Radvak, President & CEO
(778) 888 4101
NEITHER THE 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 HEREIN.
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