Rumbu Holdings Announces Successful Shareholder Meeting and Closing of Private Placement

Calgary, Alberta--(Newsfile Corp. - October 16, 2023) - Rumbu Holdings Ltd. (TSXV: RMB.P) ("Rumbu" or the "Company"), announces that it held its Annual and Special Meeting of Rumbu Shareholders today. At the Meeting, the Shareholders approved all Resolutions including approval of the Auditor for the Company, the Directors, the Rolling Stock Option Plan and a Special Resolution of the majority of the minority of Shareholders to approve the Company's Qualifying Transaction (the "QT"). The Company also advises that it has submitted all of the documents required by the TSX Venture Exchange ("TSXV") in order to complete the Company's previously announced QT after which, subject to the approval of the TSXV, the Company will no longer be considered a Capital Pool Company and will be classified as a Tier 2 Industrial Issuer in the Funeral Services Sector.

Prior to the Meeting, the Company completed a non-brokered private placement (the "Private Placement") of 282,500 Common Shares of the Company at a price of $0.20 per share for aggregate proceeds of $56,500. All securities issued in the Private Placement will be held in Trust until the QT has been completed and approved by the TSXV and when issued, will be subject to a statutory hold period of four (4) months from the date of issue. The proceeds from the Private Placement will be utilized for general working capital purposes and there were no fees or commissions paid in connection with the Private Placement.

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.

For further information concerning this press release, please contact:

Ross O. Drysdale
President and Chief Executive Officer
Rumbu Holdings Ltd.
Telephone: (403) 585-3737
Email: ross@drysdalelaw.com

Cautionary and Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward- looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable laws.

The Securities of Rumbu being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent, U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184195