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Pursuant to the Updated CPC Policy, in order for the Company to align certain of its policies with the Updated CPC Policy it is required to obtain the approval of disinterested shareholders of the Company. As a result, the Company will be seeking such approval at its upcoming annual general and special meeting of shareholders scheduled to be held on
Amendments to the Option Plan
The amendments to the Option Plan, will (i) allow the total number of common shares of the Company (the "Shares")reservedfor issuance as options not to exceed 10% of the Shares issued and outstanding as at the date of grant, rather than at the closing date of the initial public offering ("IPO"), for options issued prior to theQT; (ii) allow the number of Shares reserved for issuance as options to any individual director or senior officer not to exceed 5% of the Shares outstanding as at the date of grant, rather than at the closing date of the IPO, for options issued prior to theQT; (iii) allow the number of Shares reserved for issuance as option to Consultants, as defined in the Option Plan, not to exceed 2% of the Shares outstanding as at the date of grant, rather than at the closing date of the IPO, for options issued prior to theQT; and (iv) require, prior to the granting of options, the optionee to first deposit the options, and the Shares acquired pursuant to the exercise of such options, into escrow as described in theEscrowAgreement.
Removal of the Consequences of Failing to Complete a QT within 24 Months of the Listing Date
Under the Exchange's former Policy 2.4 – Capital Pool Companies (as at
Amendments totheEscrow Agreement
The Company intends to ask disinterested shareholders to approve the Company making certain amendments to the Escrow Agreement, including allowing the Company's escrowed securities to be subject to an 18 month escrow release schedule as detailed in the Updated CPC Policy, rather than the current 36 month escrow release schedule in the Former Policy. In addition, the Company wishes to amend the Escrow Agreement such that all options granted prior to the date the Exchange issues a final bulletin for theQT("Final QT Exchange Bulletin") and all Shares that were issued upon exercise of such options prior to the date of the Final QT Exchange Bulletin will be released from escrow on the date of the Final QT Exchange Bulletin, other than options that (a) were granted prior to the initial public offering with an exercise price that is less than the issue price of the Shares issued in the initial public offering and (b) any Shares that were issued pursuant to the exercise of such options, which will be released from escrow in accordance with the 18 month escrow release schedule as detailed in the Updated CPC Policy.
About
Panorama is acapital pool company pursuant to Exchange Policy 2.4that completed its initial public offering and obtained a listing on the Exchange in
ON BEHALFOFTHE BOARD OFDIRECTORS:
Director
Email: csedun@annapurnaadvisors.com
Phone: 604-655-0030
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes the intention of the Company to seek disinterested shareholder approval for certain matters at its Meeting, its expectations that it will implement changes required to align with the Update CPC Policy assuming receipt of requisite approvals, and all other statements which are not historical in nature. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing, the volatility of the Company’s common share price and volume and reliance on key and qualified personnel. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Copyright (c) 2021 TheNewswire - All rights reserved., source