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
Cuspis Capital Ltd. Announces Subscription Receipt Financing of Graphene Manufacturing Group Pty Ltd. & Changes in Accordance With New CPC Policy
CUSPIS CAPITAL LTD. (TSXV: CUSP.P) (the
Company ) a capital pool company as defined under TSX Venture Exchange (the
TSXV or the
Capital Pool Companies (
Policy 2.4 ), is pleased to provide an update to its press releases of August 19, 2020, August 31, 2020, and December 22, 2020, regarding its transaction with Graphene Manufacturing Group Pty Ltd. (
GMG ), a private company incorporated under the laws of Australia, and the intended target of the Company s Qualifying Transaction, as such term is defined in Policy 2.4 (the
QT ). In addition, the Company announces that it intends to implement certain amendments to align with the TSX Venture Exchange s (the
all securities acquired from treasury by non-arm s length
parties to the CPC,
shares acquired by a control person in the secondary
market, and
all seed shares issued to a member of the aggregate pro group,
regardless of price.
Escrow applies to:
shares acquired from treasury by non-arm s length parties
to the CPC,
CPC stock options, and
Escrow doesn t apply to:
shares acquired by the pro group at or above the IPO
price.
Escrow Release
18 Month Escrow: If resulting issuer is listed on Tier 1,
released as to 25% on Final QT Exchange Bulletin and 25% on each of
6, 12 and 18 months following that date.
Policy Amendments ),
which come into effect on January 1, 2021, include the
following:
removal of the 24-month deadline for completing a Qualifying
Transaction (as defined below);
lower distribution requirements;
reduced limitations on directors and officers of CPCs; and
transitional provisions allowing issuers at different stages of
the CPC process to take advantage of the Policy Amendments.
The Policy Amendments are intended to: (i) enhance flexibility
by relaxing jurisdictional, residency and spending restrictions;
(ii) reduce regulatory burden by easing shareholder distribution
and shareholder approval requirements; and (iii) bolster the
economics of CPC vehicles by, among other things, reducing seed
capital restrictions, introducing greater incentives for agents,