The Mosport Park Entertainment Corporation Announces Revocation of Cease Trade Order and Results of Annual Meeting
Montreal, Quebec--(Newsfile Corp. - September 6, 2019) - The Mosport Park Entertainment Corporation (the "Company" or the "Issuer") is pleased to announce that the Authorité des Marchés Financier (former Commission des Valeurs Mobilières du Québec/Quebec Securities Commission) ("AMF"), the Ontario Securities Commission ("OSC"), the British Columbia Securities Commission ("BCSC") and the Manitoba Securities Commission ("MSC") have each issued an order (the "Orders") on September 4, 2019 revoking cease trade orders which were in effect since April 15, 1997, April 14, 1997, April 22, 1997 and March 10, 1998, respectively.
At the Annual General and Special Meeting of the shareholders held on July 22, 2019, the shareholders approved the Corporation's updated by-laws, the name change, the stock consolidation, the re-appointment of Wasserman Ramsey as auditors of the Company for the ensuing year, and elected Robert Salna, Inga Gratcheva, and Edward Murphy as directors of the Corporation. The shareholders also approved and ratified all acts of the Directors, Administrators, Officers, and any Interested Persons and the Corporation.
Prior to the meeting and pursuant to the Order of the Honourable Justice Louis Gouin, J.C.S., of the Superior court, District of Montreal, commercial Division in file: 500-11-056809-193 dated July 12, 2019, the requisite quorum requirement was dispensed with.
The Company does not have any definitive plans in place for the operation of the business at this time. However, the Company will proceed in a search for a business reverse take-over, merger, amalgamation or other form of combination.
The Company is currently being funded by Robert Salna, a director and officer of the Company. The purpose of these funds is for current expenses involving the administration and accounting for the Company. These advances are non-interest bearing, unsecured, with no fixed repayment terms. It is anticipated Mr. Salna will continue to advance funds until management completes a business acquisition. The Board of Directors considers these amounts and the fact that the loans are unsecured to be immaterial to the control of the Company.
Further to the Orders the Company undertakes to the AMF, the OSC, the BCSC and the MSC that the Company will not complete:
(a) a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
(b) a reverse takeover with a reverse takeover acquirer that has a direct or indirect, existing or proposed, material underlying business which is not located in Canada, or
(c) a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
(i) the Issuer files a preliminary prospectus and a final prospectus with the the AMF and obtains receipts for the preliminary prospectus and the final prospectus from the AMF; and
(ii) the Issuer files or delivers with the preliminary prospectus and the final prospectus the documents required by Part 9 of National Instrument 41-101 General Prospectus Requirements ("NI 41-101") including a completed personal information form and authorization in the form set out in Appendix A of NI 41-101 for each current and incoming director, executive officer and promoter of the Issuer, and
(iii) the preliminary prospectus and final prospectus contain the information required by applicable securities legislation, including the information required for a probable restructuring transaction, reverse takeover or significant acquisition (as applicable).
The Company has filed a Material Change Report on SEDAR.
For more information, please contact
The Mosport Park Entertainment Corporation
Robert Salna, CEO
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