TORONTO, May 4, 2021 /CNW/ - Cann-Is Capital Corp.
("Cann-Is" or the "Corporation") (TSXV: NIS.P) is
pleased to announce that all matters submitted for approval as set
out in detail in the Corporation's management information circular
(the "Circular") dated April 1, 2021, were approved at
the annual general and special meeting of shareholders (the
"Meeting") held virtually on Tuesday, May 4, 2021. In
particular, the following matters received shareholder
approval:
(i) The
appointment of the Corporations auditors; and
(ii) The election of
the Corporation's directors.
In addition to the above, 100% of the disinterested shareholders
of the Corporation who voted at the Meeting voted in favor of the
following matters:
(i) Re-approval
of the Corporation's stock option plan;
(ii) Removal of the
potential consequences associated with the Corporation failing to
complete a qualifying transaction within 24 months after its
listing date in accordance with the changes to the TSX Venture
Exchange Policy 2.4 (the "CPC Policy"); and
(iii) Approving amendments
to the Corporation's escrow agreements in accordance with the
recent changes to the CPC Policy, including allowing the
Corporation's escrowed securities to be subject to an 18-month
escrow release schedule.
Please refer to the Corporation's Circular for further details
with respect to the amendments in accordance with the CPC
Policy.
ABOUT CANN-IS CAPITAL CORP.
The Corporation is a Capital Pool Company ("CPC"). It has
not commenced commercial operations and has no assets other than
the minimal amount of cash. Except as specifically contemplated in
the New CPC Policy, as defined in the final prospectus, until the
completion of the qualifying transaction, the Corporation will not
carry on any business other than the identification and evaluation
of assets or businesses with a view to completing a proposed
qualifying transaction.
ADDITIONAL INFORMATION
Completion of the qualifying transaction is subject to a
number of conditions, including but not limited to, Exchange
acceptance and if applicable pursuant to Exchange requirements,
majority of the minority shareholder approval. Where applicable,
the qualifying transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the qualifying transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
management information circular, or filing statement to be prepared
in connection with the qualifying transaction, any information
release 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 a capital pool company should be considered
highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the qualifying transaction and has neither approved nor
disapproved the contents of this press release.
NEITHER THE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
This news release does not constitute an offer to sell or
solicitation of an offer to buy any securities in any
jurisdiction.
SOURCE Cann-Is Capital Corp.