Battery Road Capital Corp. Announces Changes in Accordance with CPC Policy
Battery Road Capital Corp. Announces
Changes in Accordance with CPC Policy
Halifax, Nova Scotia--(Newsfile Corp. - June 30, 2021) - Battery Road Capital Corp., (TSXV: BTRY.P)
("
Battery Road
"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the
"
TSXV
"), is pleased to announce that due to changes recently announced by the TSXV to its Capital
Pool Company program and changes to the TSXV's Policy 2.4 - Capital Pool Companies, which
became effective as at January 1, 2021 (the "
New CPC Policy
"), the Corporation has received
shareholder approval to implement certain amendments to further align its policies with the New CPC
Policy.
Removal of Consequences of Failing to Complete Qualifying Transaction in 24 Months
Battery Road has received disinterested shareholder approval at its special meeting of shareholders
held on June 29, 2021 (the "
Meeting
") to remove the consequences of failing to complete a Qualifying
Transaction, as this term is defined in the New CPC Policy, within 24 months of Battery Road's date of
listing on the TSXV. Disinterested shareholders approved of the removal of consequences of either (i)
having Common Shares delisted or suspended from the TSXV, or (ii) transferring the Common Shares
to list on the NEX and cancelling certain seed shares.
Amendments to Escrow Agreement
Disinterested shareholders at the Meeting also approved amendment of the escrow release conditions
and certain other provisions of Battery Road's Escrow Agreement (the "
Escrow Agreement
"). The
Corporation's escrowed securities will now be subject to only an 18-month escrow release schedule,
whereby 25% of the escrowed securities will be released from escrow on the date the TSXV issues a
final bulletin for the Corporation's Qualifying Transaction and 25% of the escrowed securities will be
released from escrow on each of the 6, 12 and 18 months following such date.
In addition, the disinterested shareholders at the Meeting approved amendment of the Escrow
Agreement as follows to also reflect the New CPC Policy: (i) all options granted prior to the date the
TSXV issues a final bulletin for the Corporation's Qualifying Transaction and all common shares that
were issued upon exercise of such options prior to such date will be released from escrow on such date,
other than options that (a) were granted prior to the Corporation's IPO with an exercise price that is less
than the issue price of the common shares issued in the IPO and (b) any common shares that were
issued pursuant to the exercise of such options, which will be released from escrow in accordance with
the schedule set out in the Escrow Agreement.
About Battery Road Capital Corp.
Battery Road is a Capital Pool Company listed on the TSXV. Its principal business is the identification
and evaluation of assets or businesses with a view to completing a qualifying transaction. Battery Road
has not commenced commercial operations and has no assets other than cash.
For further information please contact:
Jim Megann, Director
Battery Road Capital Corp.
902-442-7192
The TSXV has neither approved nor disapproved the contents of this press release. The TSXV does
not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/89122