First Light Capital Corp: First Light Capital Announces Changes to Align With New CPC Policy
VANCOUVER, BC / ACCESSWIRE / February 24, 2021 / FIRST LIGHT CAPITAL CORP. (the "Company" or "First Light") (TSXV:XYZ.P) is pleased to announce that due to changes recently announced by the TSX Venture Exchange (the "Exchange") to its Capital Pool Company program and changes to the Exchange's Policy 2.4 - Capital Pool Companies, which became effective January 1, 2021 (the "New CPC Policy"), the Company intends to implement certain amendments to align certain of its policies with the New CPC Policy.
The New CPC Policy permits a capital pool company formed under Exchange Policy 2.4, Capital Pool Companies as it was in effect prior to January 1, 2021 (the "Old CPC Policy") to align certain of its policies with the New CPC Policy under specified circumstances. Among these changes, capital pool companies formed under the Old CPC Policy can, among other changes: (i) amend their Stock Option Plan (the "Option Plan") to, among other things, become a "10% rolling" plan prior to the Company completing a Qualifying Transaction ("QT"); (ii) remove the consequences of failing to complete a QT within 24 months of the Company's date of listing on the Exchange (the "Listing Date"); and (iii) amend the escrow release conditions and certain other provisions of the Company's Escrow Agreement (the "Escrow Agreement"). In order to implement these changes, a capital pool company formed under the Old CPC Policy must first obtain disinterested shareholder and Exchange approval. First Light, which was listed on April 23, 2019, has received disinterested shareholder approval to the implementation of the following changes: