VANCOUVER, BC, Feb. 20,
2024 /CNW/ - Venerable Ventures Ltd. (the
"Company") (TSXV: VLV) announces that following discussions
with Kapoose Creek Bio Corporation
("Kapoose") (formerly, Kapoose Creek Wellness Ltd.) it
has agreed that it will not proceed with the proposed
acquisition (the "Transaction") of Kapoose as previously
announced on November 1, 2021.
The Company is pleased with the significant advancements made by
Kapoose to expand and develop its research efforts but is not of
the view that current market conditions will support completion of
the Transaction at this time.
The Company and Kapoose have agreed to terminate the definitive
amalgamation agreement (the "Definitive Agreement")
previously entered into, effective immediately. No funds were
advanced by the Company to Kapoose in connection with the
Transaction, and the Company has not assumed any contingent
liabilities or guarantees arising from the Definitive
Agreement.
Following termination of the Definitive Agreement, the Company
no longer has any active operations and will not meet the Tier 2
continued listing requirements of the TSX Venture Exchange (the
"Exchange"). While the Company intends to apply for
the resumption of trading in its common shares on the Exchange, it
is anticipated that Company's listing will be transferred to the
NEX board of the Exchange. Transfer to the NEX board is
subject to meeting applicable listing requirements of the
Exchange.
On behalf of the Board of Directors,
VENERABLE VENTURES LTD.
Alan MacDonald, Chief Executive
Officer
Neither the 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.
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the transfer of the listing of the
Company to the NEX board and the anticipated resumption of trading.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties, uncertain capital markets; and delay or
failure to receive board, shareholder or regulatory approvals.
There can be no assurance that the Transaction will proceed on the
terms contemplated above or at all and that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Venerable Ventures Ltd.