Conditional Approval From the Exchange and Update on Acquisition of Geekco Technologies
LAVAL, Quebec, May 29, 2020 (GLOBE NEWSWIRE) — Woden Venture Capital Corporation (WOD.H). (the “Corporation” or “Woden”) is pleased to announce that it has received conditional approval from the TSX Venture Exchange for the acquisition of all of the issued and outstanding shares and securities of Geekco Technologies Inc. (the “Transaction”), as disclosed in its press release dated January 24, 2020 (the “Press Release”). The Transaction will constitute a change in business as defined in the policies of the TSX Venture Exchange /NEX (the “Exchange”).
Furthermore, the Corporation announces that the annual and special meeting of its shareholders will be held at 11 a.m. (Montréal time) on Monday, July 27, 2020, at 420 Monseigneur-Dubois Boulevard, Saint-Jérôme, Québec, Canada (the “Meeting”). The proxy circular (the “Information Circular”) with respect to the Transaction and related matters has been filed on SEDAR (www.sedar.com).Woden’s shareholders of record on May 29, 2020 will be entitled to receive notice of and vote at the Meeting. The Information Circular, which shareholders are expected to receive in the following days, provides important information on the Transaction and related matters, including voting procedures.As an update to its Press Release, in addition to the acquisition of Geekco, Woden now intends to make a non-brokered private placement of a minimum of $ 2,000,000 and a maximum of $ 3,000,000 and obtained from the Exchange an exemption from sponsorship requirements solely on a discretionary basis. In addition, as indicated in the Information Circular, the Corporation proudly announces the addition of Karine Desrochers as Chief Financial Officer of the resulting issuer (non-member of the board), which shall become effective following the completion of the Transaction: Karine Desrochers, CPA, Auditor CA, holds a bachelor’s degree in CA profile accounting and holds a graduate diploma specializing in public accounting, Karine Desrochers has held the position of Vice-President Finance for more than 4 years with a consulting company where she coordinates all accounting activities for several companies in different fields such as property management and technology, among others. Previously, Karine worked 5 years for the public company Metro Inc. as Consolidation and Tax Supervisor, where she collaborated in activities related to the preparation of the company’s consolidated financial statements as well as tax returns. As project manager at Deloitte for more than 5 years, she also supervised various audits and review missions in both the public and private sectors.All other terms of the Transaction remain unchanged. Woden’s board of directors has unanimously approved the terms of the Transaction which it considers to be in the best interest of its shareholders and recommends that they vote in favor of it.Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading the securities of Geekco should be considered highly speculative.The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For more information, please contact: