Savanna Capital Corp. Adoption of New Capital Pool Firm
TORONTO, June 29, 2021 (GLOBE NEWSWIRE) – Savanna Capital Corp. (“savannah” or the “Companies“), A capital pool company within the meaning of Directive 2.4 – Capital pool companies (the”politics“) The TSX Venture Exchange (the”exchange“), Announces that the company has received the approval of the majority of the disinterested shareholders (the”Shareholders“) to make certain changes to adapt them to the recently announced changes to the stock exchange at their capital pool company (“CPC“) Program and Exchange Policy 2.4 – Capital Pool Companies, effective from January 1, 2021 (the”New CPC policy“).
Shareholders, with written consent, have given their approval: (i) to eliminate the consequences of failure to complete a qualifying transaction (as defined in the new CPC Policy) within 24 months of the date the Company was listed on the stock exchange; (ii) amend the escrow terms and conditions and certain other provisions of the Company’s CPC Trust Agreement dated October 6, 2017; and (iii) permit the payment of a finder’s fee or commission to an off-market party to the Company upon completion of a qualifying transaction. Therefore, upon receipt of final approval from the exchange, the company will operate according to the parameters of the new CPC directive.
The new CPC policy allows the company to make certain other changes without shareholder approval. Therefore, the company wants to be able to take advantage of all changes under the new CPC policy that does not require shareholder approval, which went into effect on January 1, 2021, including, but not limited to:
a) Increase in the maximum total gross proceeds that the company can obtain from the issue of common shares (the “share”) In the IPO, seed stock and private placement up to the new high of US $ 10,000,000 instead of US $ 5,000,000;
b) Removal of the restriction that no more than 30% of gross proceeds from the sale of Company securities and US $ 210,000 be used for purposes other than identifying and valuing any asset or company and obtaining shareholder consent for a may propose a qualifying transaction and implement the restrictions on the permitted use of proceeds and prohibited payments under the new CPC policy, which allows reasonable general and administrative expenses of no more than $ 3,000 per month;
c) Removal of the Company’s restriction on issuing options to new agents in connection with a private placement; and
d) Removal of the restriction so that one person can now serve as the company’s chief executive officer, chief financial officer and corporate secretary at the same time.
Savanna is a publicly traded capital pool company (as defined in the policies of the exchange). Savanna has no significant debt, approximately $ 60,000 in cash, 4,600,000 shares of common stock, and 460,000 options issued and outstanding.
For more information please contact:
Savanna Capital Corp.
Tel: (416) 861-2267
Email: [email protected]
Certain statements in this press release are forward-looking. Forward-looking statements consist of statements that are not purely historical, including statements about beliefs, plans, expectations, or intentions about the future. Such statements are subject to risks and uncertainties that could mean that the actual results, performance or developments differ materially from those contained in the statements. There can be no assurance that any of the events anticipated in the forward-looking statements will occur or what the Company will benefit from. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions that may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied in any forward-looking statement or from other factors beyond the control of the company. The company makes no commitment to update any forward-looking information except in accordance with applicable securities laws.
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