Platform Eight Capital Corp. Announces Termination of Proposed Qualifying Transaction with GrowForce Holdings Inc.

November 15, 2018 11:31 AM EST | Source: Platform Eight Capital Corp.

Toronto, Ontario--(Newsfile Corp. - November 15, 2018) - Platform Eight Capital Corp. (TSXV: PEC.P) ("Platform Eight" or the "Corporation"), a capital pool company, announces the termination of its proposed three-cornered amalgamation (the "GrowForce Transaction") with GrowForce Holdings Inc. ("GrowForce"). The GrowForce Transaction, first announced by the Corporation on April 25, 2018, was intended to constitute Platform Eight's "Qualifying Transaction" as such term is defined in Policy 2.4 of the TSX Venture Exchange ("TSXV" or the "Exchange").

As compensation for the termination of the GrowForce Transaction, GrowForce has agreed to issue an aggregate of 335,937 common shares of GrowForce to Platform Eight at a deemed price of $3.20 per share as a break fee. No deposit or cash advance was made by Platform Eight to GrowForce in connection with the GrowForce Transaction.

The Corporation has requested the resumption of trading of its common shares on the TSXV. A bulletin will be issued by the Exchange identifying the date on which the common shares will resume trading. Platform Eight will continue to pursue and evaluate other businesses and assets with a view to completing a Qualifying Transaction and will make further announcements with respect to these efforts as soon as practically possible.

About Platform Eight Capital Corp.

The Corporation is incorporated under the Business Corporations Act (Ontario) and is a capital pool company listed on the TSXV. The Corporation has no commercial operations and has no assets other than cash. For further information please see the final prospectus of the Corporation dated January 9, 2018, filed on SEDAR at www.sedar.com.

For further information please contact:

John Travaglini
Chief Executive Officer
(416) 861-1100

Cautionary Notes

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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