TORONTO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Mercury Acquisitions Corp. (TSXV: MERC.P) (“Mercury” or the “Corporation”) is pleased to announce that the TSX Venture Exchange (the “Exchange”) has conditionally accepted the proposed qualifying transaction (the “Qualifying Transaction”) with Franchise Cannabis Corp. (“Franchise”), subject to the acceptance for filing of the filing statement in respect of the Qualifying Transaction and the satisfaction of the Exchange’s requirements to issue the final Exchange bulletin. The Qualifying Transaction will be completed by way of a “three-cornered” amalgamation between Franchise and a wholly-owned subsidiary of Mercury, and remains subject to the satisfaction or waiver, as applicable, of closing conditions. The completion of the Qualifying Transaction will result in a reverse takeover of Mercury by the shareholders of Franchise. Trading in Mercury’s common shares will remain halted until all of the above have been completed and the Corporation has received the Exchange's final acceptance in respect of the Qualifying Transaction.
For further details regarding the Qualifying Transaction, please refer to Mercury’s news releases dated June 24, 2021, September 21, 2021, and October 14, 2021, as well as the filing statement (when available), which will be filed on Mercury’s SEDAR profile at www.sedar.com.
Franchise was incorporated on April 25, 2018 under the Business Corporations Act (Ontario). Franchise, through its subsidiaries, is a multi-national operator in the medical cannabis and pharmaceutical industries, with principal operations in Germany and with operations, assets, strategic partnerships and investments internationally. Franchise’s business objective is to developing a fully integrated, leading European medical cannabis business, with the goal of providing high-quality pharmaceutical grade medical cannabis to distribution partners and, ultimately, to patients, at competitive prices.
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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 PRESS RELEASE.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws including statements regarding the completion of the proposed Qualifying Transaction, as well as information relating to Franchise. The information about Franchise contained in the press release has not been independently verified by Mercury. Although Mercury believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Mercury can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Qualifying Transaction; that the ultimate terms of the Qualifying Transaction will differ from those that currently are contemplated; and that the Qualifying Transaction will not be successfully completed for any reason. The statements in this press release are made as of the date of this release. Mercury undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Mercury, Franchise, their securities, or their respective financial or operating results (as applicable).
Mercury assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.