Launchtrip Technologies Inc. cancelled the acquisition of Shellron Capital Ltd. (TSXV : SHLL.P) in a reverse merger transaction.
The completion of the Proposed Transaction is subject to the satisfaction of certain conditions, including but not limited to: the completion of an offering of convertible, unsecured debentures of Launchtrip for gross proceeds of a minimum of CAD 500,000 (the Debenture Offering); the completion of a concurrent financing on terms sufficient to meet the applicable listing requirements of the Exchange (the Concurrent Financing); the proposed board of directors and management of the Resulting Issuer being acceptable to the Exchange and each of Shellron and Launchtrip; the receipt of all requisite regulatory, stock exchange, or governmental authorizations and consents, including the Exchange; approval of shareholders of Shellron, approval of shareholders of Launchtrip and certain other conditions as may be agreed between Shellron and Launchtrip. The transaction is expected to close no later than January 31, 2023.
Launchtrip Technologies Inc. cancelled the acquisition of Shellron Capital Ltd. (TSXV : SHLL.P) in a reverse merger transaction on March 24, 2023. As a part of termination of the transaction, the loan is interest free and is repayable within seven days of the termination of the proposed qualifying transaction.