Ottawa, Ontario--(Newsfile Corp. - November 10, 2022) - Buzz Capital 2 Inc. (TSXV: BUZH.P) (the "Company" or "Buzz2") announces that the proposed business combination between the Company and Heliene Inc. ("Heliene") will not be proceeding (see the Company's news releases dated October 1 and November 8, 2021 and April 18, 2022). This transaction, had it been completed, would have constituted the Company's qualifying transaction ("QT") under the policies of the TSX Venture Exchange ("TSXV"). Due to market conditions, Heliene has been unable to complete a concurrent financing which was integral to the QT. On November 4, 2022, Heliene advised Buzz2 that it would not be proceeding with the transaction and elected to terminate in accordance with provisions in the transaction agreement.
Although the termination of the QT is disappointing to the management of Buzz2, the financial impact on the Company has been minimized. As part of an extension granted to Heliene Inc. on April 18, 2022, Heliene paid Buzz2 $50,000 to cover expenses incurred to date on the transaction.
Buzz2 continues to have adequate cash resources to continue to search for prospective opportunities to complete a QT and maximize value for shareholders. Buzz2 is currently in the process of applying to TSXV for resumption of trading in its common shares and will issue a further news release when a date has been determined.
ABOUT BUZZ CAPITAL 2 INC.
Buzz2 is a capital pool company governed by the policies of the Exchange. The principal business of Buzz2 is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.
For further information please contact:
Buzz Capital 2 Inc.
Patrick Lalonde, President and CEO
Tel.: 613-366-4242
Neither the TSXV 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 news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143812
