Calgary, Alberta--(Newsfile Corp. - February 14, 2024) - Trail Blazing Ventures Ltd. (TSXV: BLAZ.P) (the "Corporation" or "TBV"), a capital pool company under the policies of the TSX Venture Exchange (the "TSXV"), is pleased to provide a status update relating to the proposed qualifying transaction (the "Qualifying Transaction") between TBV and Hempalta Inc. ("HEMPALTA").
The Corporation has received conditional acceptance of the Qualifying Transaction from the TSXV and has scheduled an annual general and special meeting of shareholders of the Corporation to be held on March 15, 2024 (the "Meeting") to obtain, among other things, minority shareholder approval of the Qualifying Transaction. In connection with the Meeting, a management information circular has been prepared, is being mailed to shareholders of the Corporation, and is available on SEDAR+ at www.sedarplus.ca.
The closing of the Qualifying Transaction is anticipated to take place on or about March 19, 2024. Once minority shareholder approval of the proposed Qualifying Transaction and shareholder approval of other related matters is obtained at the Meeting, all conditions to the closing of the Qualifying Transaction have been satisfied or waived, and all of the conditions set out by the TSXV in its conditional acceptance have been satisfied, the Corporation may close the Qualifying Transaction.
ABOUT TBV
TBV is a capital pool company (a "CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the Exchange's CPC Policy, until the completion of its qualifying transaction, TBV will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
ABOUT HEMPALTA
HEMPALTA is a private company incorporated under the Business Corporations Act (Alberta). HEMPALTA makes products from hemp grown sustainably in Southern Alberta and processes the hemp using a state-of-the-art HempTrain Advanced Processing Plant at the company's production facility in Calgary, Alberta into various consumer products which are sold and distributed through various retail channels. HEMPALTA is led by passionate advocates for industrial hemp who have years of operations, manufacturing, marketing, consumer packaged goods, and retail sales experience. In 2023, HEMPALTA was named one of the Top 10 Startups by Calgary's Launch Party and one of the 50 most investable cleantech companies in Canada by Foresight Canada.
For further information, please contact:
Craig Steinberg
Director
Trail Blazing Ventures Ltd.
Telephone: 1-800-503-1875
Email: info@trailblazingventures.com
Darren Bondar
Chief Executive Officer
Hempalta Inc.
Telephone: 1-877-622-3354
Email: info@hempalta.com
Neither the 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.
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 press release.
Forward-Looking Information Cautionary Statement
This news release includes forward-looking information ("forward-looking information") within the meaning of Canadian securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TBV to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. An example of such information includes the anticipated closing of the Qualifying Transaction. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this press release. Such forward-looking information is based on a number of factors and assumptions which may prove to be incorrect, including, but not limited to: obtaining shareholder approval for matters at the Meeting; satisfying conditions under the agreements forming part of the Qualifying Transaction; and satisfying the requirements of the TSXV with respect to the Qualifying Transaction. Although TBV has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The factors identified above are not intended to represent a complete list of the factors that could affect TBV. Additional factors are noted under "Risk Factors" in the management information circular for the Meeting, a copy of which may be obtained on the SEDAR+ website at www.sedarplus.ca. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all. Except as required by applicable securities laws, forward-looking information contained herein speak only as of the date on which they are made and TBV undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197967
SOURCE: Trail Blazing Ventures Ltd.
