BB1 Acquisition Corp. Announces Termination of Proposed Qualifying Transaction with PlantExt Ltd.
Toronto, Ontario--(Newsfile Corp. - January 24, 2020) - BB1 Acquisition Corp. (TSXV: BBA.P) ("BB1" or the "Corporation"), a capital pool company, announces the termination of its proposed three-cornered amalgamation (the "PlantExt Transaction") with PlantExt Ltd. ("PlantExt"). The PlantExt Transaction, first announced by the Corporation on January 24, 2019, was intended to constitute BB1's "Qualifying Transaction" as such term is defined in Policy 2.4 of the TSX Venture Exchange ("TSXV" or the "Exchange").
The terms of the share exchange agreement between the parties effective as of August 16, 2019, (the "Share Exchange Agreement"), have now expired due to the inability of the parties to close the PlantExt Transaction before December 31, 2019 and the Share Exchange has automatically terminated.
In accordance with the Share Exchange Agreement, Plantext will reimburse the Corporation an aggregate of $126,467 for costs and expenses incurred by BB1 in connection with the terminated PlantExt 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. BB1 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 BB1 Acquisition 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 October 5, 2018, filed on SEDAR at www.sedar.com.
For further information please contact:
Chief Executive Officer
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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