Toronto, Ontario--(Newsfile Corp. - December 21, 2022) - FinCanna Capital Corp. (CSE: CALI) (OTCQB: FNNZF) ("Fincanna" or the "Company") is pleased to announce management changes and to provide corporate update.
Change of Management
The Company has restructured its management team:
Andriyko Herchak has resigned as Chief Executive Officer and director of the Company; Patrick Goggin has resigned as director; Robert Scott has resigned as Chief Financial Officer and Jeff Dare has resigned as Corporate Secretary of the Company. Michael Coner will remain a director of the Company and is joined on the board of directors by Vern Vipul and James Blackwell. Vern Vipul has also been appointed Chief Executive Officer, Eric Myung has been appointed Chief Financial Officer and Enrico Moretti of Boyle & Co. LLP has been named Corporate Secretary of the Company.
Vern Vipul is a lawyer and was called to the Ontario Bar in 2004. Vern is former general counsel and secretary at Rifco Inc. and currently in-house counsel to Wealth Stewards Inc. Mr. Vipul completed his Bachelor of Arts in 1998 and received his LLB in 2001. He also obtained a Master of Taxation degree in 2003 before being called to the Bar. Mr. Vipul is a former partner at KPMG LLP and KPMG Law LLP, with extensive experience in many areas of tax law, and has represented large multi-national corporations at the Tax Court of Canada. Mr. Vipul was in-house legal counsel at iA Auto Finance from 2015 to 2018, where he was responsible for all legal aspects of the company' business. During this time, Mr. Vipul worked closely with the legal group at iA Financial Corporation Inc., the parent company of iA Auto Finance. Mr. Vipul is also a co-founder of Canadian Auto Repair Holdings, where he currently serves as general counsel and secretary.
Mr. Blackwell recently retired as a partner of BDO Canada LLP, having completed a successful 30 year career in Orangeville, Ontario with roles including: Chairman of the Policy Board 2001/2002, National Policy Board member 1999 to 2005, Office and Group Managing Partner for the last 15 years of his career, and de facto Wealth Advisory Service leader of BDO from 2000 to 2016. His practice area covered all aspects of a public accounting practice including audit, attest assignments, personal and corporate tax advisory and planning, and business consulting assignments. Mr. Blackwell obtained his CPA in 1984 and his CFP designation in 1997 through the challenge exam process. Mr. Blackwell has been on many volunteer boards for both CPA Ontario and CFP Canada, including appeals, discipline, continuing education, and admissions committees.
Mr. Myung is a Senior Financial Analyst of Marrelli Support Services Inc., providing CFO, accounting, regulatory compliance, and management advisory services to numerous issuers on the TSX, TSX-Venture, Canadian Securities Exchange and other Canadian and US exchanges. Mr. Myung is a Canadian Chartered Professional Accountant and has a Master of Accounting degree from University of Waterloo.
Restructuring Plan
The Company currently has no active business operations, having determined to cease funding its last remaining investee company in August, 2022 (see press releases dated August 10, 2022 and August 29, 2022). The new management team has determined to restructure the Company, including the conversion of an aggregate of $3,742,750 principal amount of outstanding secured convertible debentures at a reduced conversion rate of $0.005 per share ("Debenture Conversion"), subject to CSE approval. The Debenture Conversion represents approximately 55% of the currently outstanding debentures and will result in the issuance of approximately 748,550,000 shares of the Company to debenture holders including the former officers and directors of the Company. The Debenture Conversion will be effected by a written resolution of Debenture holders holding not less than two thirds (2/3) of the outstanding Debentures.
The Company anticipates it will be placed on Inactive status by CSE upon completion of the proposed Debenture Conversion. The Company's new board of directors will immediately undertake an evaluation of the Company's opportunities and will develop a new strategic direction for the Company.
About FinCanna Capital Corp.
FinCanna was an investment company providing growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. FinCanna no longer has active business operations. For additional information visit www.fincannacapital.com and FinCanna's profile at www.sedar.com.
FinCanna Capital Corp.
Vern Vipul, CEO and Director
416-545-9103
vvipul@wealthstewards.ca
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: the implementation and details of the management changes and restructuring including Debenture Conversion.
With respect to the forward-looking information contained in this news release, FinCanna has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; the ability of the new management team to successfully restructure FIncanna, and continued economic and market stability. While FinCanna considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause FinCanna's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory filings may not be filed or approved on a timely basis, or at all; FinCanna may not implement the Consolidation on a timely basis, or at all. A more complete discussion of the risks and uncertainties facing FinCanna is disclosed in FinCanna's most recent management discussion & analysis and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and FinCanna disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148867
