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VANCOUVER, May 13, 2019 /CNW/ - Creation Capital Corp. (TSX-V: CRN.P) (the "Company"), a capital pool company listed on the TSX Venture Exchange, today announced that, further to the Company's news releases on April 2 and 17, 2019, the Company has received conditional approval from the TSX Venture Exchange for the proposed Qualifying Transaction involving the acquisition (the "Acquisition") from Pressure Technologies plc of its wholly-owned subsidiary, PT Biogas Holdings Limited (trading as Greenlane Biogas) ("Greenlane") and the Company has posted on SEDAR a Filing Statement disclosing the proposed Qualifying Transaction. A copy of the Filing Statement is available under the Company's SEDAR profile at www.sedar.com. The share purchase agreement for the Acquisition has also been amended to extend out the closing date of the Acquisition, to extend the maturity date of the promissory note (to be issued to Pressure Technologies as partial consideration for Greenlane) to 48 months from the closing date of the Acquisition, and to clarify certain terms. The expected closing date for the Qualifying Transaction is as early as May 17, 2019 and will follow the completion of the subscription receipt offering and the satisfaction or waiver of contractual and regulatory conditions or as the parties may mutually agree.
About Creation Capital Corp.
The Company is designated as a Capital Pool Company under Exchange Policy 2.4. The Company has not commenced commercial operations and has no assets other than cash. The Company's objective is to identify and evaluate businesses or assets with a view to completing a Qualifying Transaction. Any proposed Qualifying Transaction must be approved by the TSX Venture Exchange and, in the case of a Non‐Arm's Length Qualifying Transaction, must also receive majority approval of the minority shareholders. Until the completion of a Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a proposed Qualifying Transaction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to TSX Venture 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 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 a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
Beacon Securities Limited, subject to completion of satisfactory due diligence, has agreed to act as sponsor in connection with the Qualifying Transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the Qualifying Transaction or the likelihood of completion.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the completion of the subscription receipt offering, the satisfaction or waiver of contractual and regulatory conditions, and the completion of the Qualifying Transaction. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
SOURCE Creation Capital Corp.
For further information: regarding the Company, please contact Wade Nesmith at email@example.com.