Ottawa, Ontario--(Newsfile Corp. - April 17, 2023) - Buzz Capital Inc. (TSXV: BUZ.P) (the "Corporation") announces that the proposed business combination between the Corporation and Grata Technologies Inc. ("Grata") originally announced on May 27, 2021, will not be proceeding. A number of conditions precedent contained in a letter of intent dated May 18, 2021 (the "LOI") have not been satisfied and, as a result, the LOI has lapsed. There are no penalty or break-up fees payable by either party nor were any deposits paid by the Corporation to Grata.
Although the termination of the LOI with Grata is disappointing, the Corporation continues to have adequate cash resources (over $400,000 as at the date hereof) to continue to search for prospective opportunities to complete its qualifying transaction and maximize shareholder value. The Corporation is also 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 Inc.
Buzz is a capital pool company pursuant to the Policy, and in accordance with the Policy, until the completion of its Qualifying Transaction (as defined in the Policy) Buzz's principal business is the identification and evaluation of companies, businesses or assets with a view to completing a Qualifying Transaction. Investors are cautioned that trading in the securities of a capital pool company is considered highly speculative.
For further information please contact:
Buzz Capital Inc.
Chuck Rifici, President and CEO
Telephone: 613-366-3631
Email: chuck@rifici.com
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/162719
