Toronto, Ontario--(Newsfile Corp. - November 18, 2024) - Street Capital Inc. (CSE: REZN) (the "Company"), is pleased to announce that further to its press release dated November 6, 2024, effective November 19th, 2024, the Name Change (as defined in the November 6th, 2024, press release) will be completed. The Company expects that its common shares will commence trading under the new ticker symbol "STRC.X" at the market open on November 19, 2024 on the Canadian Securities Exchange (the "CSE"). Additionally, effective today and further to the Company's press releases dated May 29, 2024, and November 6th, 2024, the Company has sold substantially all its assets, which include, but are not limited to, physical inventory and intellectual property relating to HashCo's business for a total cash purchase price of CA$350,000 plus the value of the Company's physical inventory (the "Asset Sale") to 1000894579 Ontario Inc. ("579 Ontario"). The Asset Sale was approved by shareholders of the Company pursuant to a special resolution at the Company's shareholder meeting held on August 19, 2024 (the "Meeting").
MI 61-101
The Asset Sale constitutes a "related party transaction" of the Company, within the meaning of Multilateral Instrument 61-101 - Protections of Minority Security Holders in Special Transactions ("MI 61-101") as the Vice-President of Production of the Company is also the President and a director of 579 Ontario. The Company determined that the Asset Sale is exempt from the formal valuation requirements of MI 61-101 in reliance of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market.
At the Meeting, the Company received minority shareholder approval of the Asset Sale, in accordance with MI 61-101.
The Asset Sale required the approval of at least (a) two thirds of the votes cast by shareholders (present in person or represented by proxy at the Meeting, and (b) a simple majority of the votes cast by disinterested shareholders present in person or represented by proxy at the Meeting. Of the votes cast at the Meeting with respect to the Asset Sale, 96.80% were voted in favour of the Asset Sale. In addition, of the votes cast at the Meeting with respect to the Asset Sale, excluding those votes required to be excluded pursuant to MI 61-101, 87.01% were voted in favour of the Asset Sale.
Pursuant to MI 61-101, the Company will file a material change report providing disclosure in relation to each "related party transaction" on SEDAR+ under the Company's issuer profile at www.sedarplus.ca. The Company did not file the material change report more than 21 days before the expected closing date of the Asset Sale as the Company wished to close the Asset Sale on an expedited basis for sound business reasons.
As of the date of this press release and upon completion of the Asset Sale, HashCo has sold substantially all of its assets. Upon completing the sale, HashCo will focus its efforts on identifying and evaluating suitable assets or businesses to acquire or merge with, with a view to maximizing value for shareholders.
Name Change
The Company has implemented the Name Change and its shares will commence trading under the new ticker symbol "STRC.X". The new CUSIP and ISIN for the Company's common shares will be 86326R106 and CA86326R1064, respectively.
About The Hash Corporation
HashCo is a Canadian company focused on the production and sale of cannabis-based hashish and other cannabis products. HashCo applies its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
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Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to the stated terms and benefits of the Asset Sale; the Company's Name Change and ticker symbol change; and the stated plans of the Company.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to carry out the stated terms and realize upon the stated benefits of the Asset Sale; and the Company's ability to carry out its stated plans.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company's inability to continue as a going concern; the Company's inability to carry out the stated terms and realize upon the stated benefits of the Asset Sale; and the Company's ability to carry out its stated plans.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230406
