Cluny Capital Corp. Closes Financing and Extends Maturity of Debentures
TORONTO, June 22, 2020 (GLOBE NEWSWIRE) — Cluny Capital Corp. (the “Company”) (TSXV:CLN.H), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “TSXV”), announces it has closed a non-brokered private placement. The Company raised gross proceeds of $220,000 through the issuance of 4,400,000 common shares at a price of $0.05 per share. The net proceeds will be used by the Company for working capital and the identification and evaluation of a Qualifying Transaction (as such term is defined by the TSXV). In connection with the private placement the Company paid finder’s fees of an aggregate of $17,600 and issued compensation options for 352,000 common shares at $0.05 per share for 24 months. All securities issued pursuant to the financing are subject to a four-month hold period.
Including the issuance of shares detailed in this news release, there are now currently 13,633,700 common shares of the Company issued and outstanding.The Company also announces it has entered into amending agreements whereby it intends, subject to TSXV approval, to extend the maturity date of its two unsecured convertible debentures, originally issued in June 2018, for an aggregate principal amount of $56,500, to June 6, 2021. The debentures accrue interest at 6% per annum and are automatically convertible into an aggregate of 941,666 common shares of the Company at a deemed price of $0.06 per share concurrent with the closing of a Qualifying Transaction.Forward-Looking StatementsCertain statements contained in this news release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; general economic, market and business conditions; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this news release is made as of the date of this news release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.