The TSX Venture Exchange has accepted for filing the company's qualifying transaction, as described in its information circular dated Feb. 13, 2024. As a result, at the opening on Friday, March 22, 2024, the company will no longer be considered a capital pool company. The qualifying transaction includes the following.

Pursuant to an amalgamation agreement dated Nov. 15, 2023, the company acquired all of the issued and outstanding shares of Hempalta Inc. by way of a three-cornered amalgamation between Hempalta, the company and a wholly owned subsidiary of the company (Subco). Under the terms of the amalgamation agreement, Hempalta amalgamated with Subco to form an amalgamated entity that will continue as a wholly owned subsidiary of the company. In connection with the completion of the amalgamation, each holder of Hempalta shares exchanged such holder's Hempalta shares for common shares of the company on the basis of one postconsolidation share of the company for every Hempalta share held, at a deemed price of 17 cents per share.

Prior to the amalgamation, Hempalta completed a brokered private placement of 6,473,351 subscription receipts of Hempalta at 17 cents per subscription receipt for aggregate gross proceeds of $1,100,469.67. Upon satisfaction of certain escrow release conditions, the subscription receipts converted will entitle the holder to shares of Hempalta, which Hempalta shares were exchanged for common shares of the company pursuant to the amalgamation.

The exchange has been advised that the above transactions, approved by shareholders on March 15, 2024, have been completed.