Vancouver, British Columbia--(Newsfile Corp. - December 3, 2019) - Sixth Wave Innovations Inc. (OTC Pink: ATURF) (the "Company") is pleased to announce that at a previously announced meeting held on November 29, 2019, the holders of its outstanding Subscription Receipts issued on July 26, 2019 (the "Subscription Receipts"), passed a special resolution extending the Escrow Release Deadline as defined in the Subscription Receipt Agreement governing the Subscription Receipts, from 4:00 p.m. (Vancouver time) on November 30, 2019 to 4:00 p.m. (Vancouver time) December 31, 2019, or such later date on or before January 31, 2020 as the Company and PI Financial Corp., as the Lead Agent under the Subscription Receipt Agreement, may agree.
The Subscription Receipts were issued as part of a financing required under the merger agreement dated September 7, 2018, as amended (the "Merger Agreement"), among the Company, 6th Wave Acquisition Inc., a wholly owned subsidiary of the Company, and 6th Wave Innovations Corp. Pursuant to the Subscription Receipt Agreement, in the event that certain Release Conditions, including receipt of approval by the Canadian Securities Exchange for the listing of the Common Shares of the Company and satisfaction of other conditions to the Merger, are not satisfied on or before the Release Deadline, the Subscription Receipts will automatically be cancelled, and the proceeds of the private placement of the Subscription Receipts, plus applicable interest, will be returned to the holders of the Subscription Receipts.
The Company continues to work diligently with the CSE towards the Listing Approval and closing of the Concurrent Financing.
ON BEHALF OF THE BOARD OF DIRECTORS
John Veltheer, CEO & Director
For information, please contact the Company:
Phone: (604) 562-6915
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release includes certain statements that may be deemed "forward-looking statements" including statements relating to the pending merger transaction. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Sixth Wave's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, Sixth Wave failing to close the merger transaction.
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