Orletto Capital II Inc. Reports Results of Its Annual General and Special Meeting
QUEBEC CITY, July 12, 2021 (GLOBE NEWSWIRE) — ORLETTO CAPITAL II INC. (TSX-V “OLT.P”) (the “Corporation”) is pleased to announce that all matters submitted to its shareholders for approval as set out in detail in the Corporation’s management information circular dated May 25, 2021 (the “Circular”) were approved at the annual general and special meeting of the shareholders of the Corporation held on June 22, 2021 (the “Meeting”).
At the Meeting, the incumbent members of the board of directors, being Benoit Chotard, Octavio Soares, Claude Pouliot and Cynthia Mailloux, were elected as directors, Mallette LLP was re-appointed as the auditor of the Corporation, and the Corporation’s proposed stock option plan was approved and confirmed, conditional to the completion of a qualifying transaction. Moreover, the shareholders of the Corporation voted in favour of the special resolutions proposed in the Circular, thereby authorizing the board of directors of the Corporation to amend the Corporation’s articles to change the name of the Corporation, to consolidate all of the issued and outstanding common shares of the Corporation, and to appoint additional directors, conditional to the completion of a qualifying transaction.
In addition to the above, disinterested shareholders of the Corporation voted in favour of the following resolutions proposed in the Circular, thereby implementing certain changes needed to transition to the new TSX Venture Exchange’s Policy 2.4 – Capital Pool Companies effective as of January 1, 2021 (“Policy 2.4”):
| (a) | approving the removal of the consequences associated with the Corporation not completing a qualifying transaction within 24 months of its listing date; | |
| (b) | authorizing the Corporation to make certain amendments to the Corporation’s escrow agreement; and | |
| (c) | authorizing and permitting the Corporation to pay any finder’s fee or commission to a non-arm’s length party to the Corporation upon completion of the qualifying transaction. |
Please refer to the Corporation’s press release dated May 27, 2021 and the Circular for further details with respect to the amendments associated with the new Policy 2.4.
About the Corporation
The Corporation is a capital pool company pursuant to Policy 2.4. Except as specifically contemplated in such policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other that then identification and evaluation of companies, businesses or assets with a view to completing a proposed qualifying transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative.
For further information, please contact:
Mr. Benoit Chotard
President
ORLETTO CAPITAL II INC.
Telephone: 778-996-4676
Email: benoitchotard@shaw.ca
Neither 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 of this release.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
