Sixth Wave Innovations Inc. Provides Update
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2019) - Sixth Wave Innovations Inc. (OTC PINK: ATURF) (the "Company") is pleased to provide an update on various corporate matters.
The Company continues to work diligently with the CSE towards the Listing Approval and closing of the Concurrent Financing further to its Agreement and Plan of Merger with 6th Wave Innovations Corp. and others. The Company anticipates closing the remainder of the Concurrent Financing prior to the end of November.
In consultation with staff at the CSE, management has determined that it could not guarantee that the Listing Approval would be obtained by the end of November. The Company has therefore requested an extension of the release deadline for the Subscription Receipts issued on July 26, 2019. Subscription Receipt Holders will be asked to approve an amendment of the release date to December 31, 2019 from November 30, 2019.
The Company further announces that it has amended the terms of certain share purchase warrants of the Company. A total of 1,023,455 warrants were originally issued on November 16, 2017 pursuant to debt settlement agreements and 8,300,000 were issued on November 17, 2017 pursuant to a private placement. Each of the share purchase warrants entitled the holder to purchase one common share of the company at a price of $0.065 per common share for a term of 12 months. The Company has extended the term of the share purchase warrants such that they now expire on May 16, 2020 and May 17, 2020 respectively. Certain of the warrants are held by parties who are considered "related parties" of the Company. Therefore, the amendment of the warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the warrants does not exceed 25% of the Company's market capitalization.
Lastly, the Company announces that it has granted a total of 1,180,000 options to consultants and directors of the Company. The options are exercisable at a price of $0.75 per share and will expire on November 15, 2024. One third of the options vest after 6 months, with an additional one third to vest every six months thereafter.
ON BEHALF OF THE BOARD OF DIRECTORS
John Veltheer, CEO & Director
For information, please contact the Company:
Phone: (604) 562-6915
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release includes certain statements that may be deemed "forward-looking statements" including the intention to complete the merger transaction. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the Company failing to close the merger transaction.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49815