ShinyBud Corp., formerly Cedarmont Capital Corp., announced that, further to previous Cedarmont announcements, it has completed the qualifying transaction described in its Filing Statement of Cedarmont dated January 19, 2022 with Shiny Bud Inc. (“SBI”) and Mihi Inc. (“mīhī”), which resulted in the combination of the three companies and reverse take-over of Cedarmont, and the TSX Venture Exchange (the “TSXV”) has accepted final post-closing documentation for filing.
The ShinyBud common shares will commence trading on the TSXV on February 2, 2022 at market open under the ticker symbol SNYB. The Company will no longer be considered a capital pool company under TSXV policies at that time. Prior to closing of the Transaction, the Company completed a consolidation of its common shares (the “Consolidation”) on the basis of 42.7480 pre-Consolidation common shares to 1 post-Consolidation common share, which reduced the number of outstanding common shares to 304,124. The Company also changed its name from “Cedarmont Capital Corp.” to “ShinyBud Corp.”.
A total of 10,353,675 new post-Consolidation common shares were issued at closing of the Transaction to former SBI and mīhī shareholders, including to former holders of the subscription receipts issued and sold by SBI in Fall 2021 in anticipation of the Transaction. Accordingly, ShinyBud now has 10,657,799 common shares outstanding.
“Completing this transaction marks several significant achievements for our Company,” said Kevin Reed, Chairman and Chief Executive Officer. “ShinyBud is now a multi-banner cannabis retailer with over 35 stores across Ontario – Canada’s largest cannabis market, while the proceeds of the private placement and our TSXV listing provide the necessary funds and capital markets exposure to expand our retail footprint in Ontario. We are on a mission to help people never settle, live fully through our carefully curated products.”
Of the 10,657,799 common shares of the Company currently outstanding:
- former SBI shareholders (other than former holders of the subscription receipts referred to below) hold 8,269,354 shares, or approximately 77.6% of the total;
- purchasers of the 899,550 subscription receipts issued and sold by SBI in Fall 2021 pursuant to a $7,196,400 private placement completed in anticipation of the Transaction hold, in respect of the SBI shares they received on conversion of the subscription receipts in accordance with their terms, 1,136,055 shares, or approximately 10.7% of the total;
- former mīhī shareholders hold 948,266 shares, or approximately 8.9% of the total; and
- original Cedarmont shareholders hold 304,124 shares, or approximately 2.9% of the total.
About ShinyBud
ShinyBud Corp. is a multi-banner cannabis retailer with over 35 stores across Ontario – Canada’s largest cannabis market. As one of Ontario’s fastest growing retailers in the sector, the Company is on a mission to help people never settle, live fully by offering a wide range of carefully curated cannabis products and by creating a more diverse and accessible cannabis experience for adult consumers. ShinyBud’s board and management team has extensive retail operating experience, a key competitive differentiator in leading its growth strategy and franchising program. ShinyBud trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit www.shinybud.com.
