- Timeless Capital Corp. (TLC.P) has signed a non-binding letter of intent with Renaissance BioScience Corp
- The LOI is in connection with a proposed business combination that will result in the reverse take-over of Timeless by Renaissance
- Timeless intends that the transaction will constitute its qualifying transaction, as such term is defined in the policies of the Exchange
- Timeless Capital Corp. is a capital pool company which completed its initial public offering in October 2018
- Timeless Capital Corp. opened trading at $0.10
Timeless Capital Corp. (TLC.P) has signed a non-binding letter of intent with Renaissance BioScience Corp.
The LOI, dated January 25, 2023, is in connection with a proposed business combination that will result in the reverse takeover of Timeless by Renaissance.
This will lead to the formation of the resulting issuer, which will continue on the business of Renaissance.
It is anticipated that the resulting issuer will continue the business of Renaissance under a new name which will include “Renaissance BioScience”, or such other name as the board of directors of the resulting issuer shall determine and as may be approved by the TSXV.
When the transaction is completed, it is anticipated that the board of directors of the resulting issuer will be made up of one nominee of Timeless and at least four nominees of Renaissance and that the officers of the resulting issuer shall be nominees of Renaissance
Timeless intends that the transaction will constitute its qualifying transaction, as such term is defined in the policies of the Exchange.
Renaissance BioScience Corp. is a leading bio-engineering company based in Vancouver, British Columbia.
The LOI provides for Timeless to pay a $25,000 non-refundable deposit to Renaissance.
The LOI contemplates that prior to the closing of the transaction, Renaissance will complete a brokered equity private placement for minimum gross proceeds of $5,000,000.
Timeless Capital Corp. is a capital pool company which completed its initial public offering in October 2018. The company has not commenced commercial operations and has no assets other than cash.
Timeless Capital Corp. opened trading at $0.10.