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Tsx Venture Escrow Agreement

Written By: Chris - Oct• 12•21

A resulting issuer may amend its existing CPC trust agreement to follow the trust terms authorized by the revised Directive 2.4 and the revised CPC trust agreement, including the 18-month release plan and the immediate release of trust securities that are no longer subject to the trust, provided that the CPC obtains prior authorisation from the shareholders (at the shareholders` meeting or in writing in Z 1995). In addition, the resulting issuer must issue a press release at least seven business days prior to the effective date of such an amendment, in which it must make known its intention to amend the CPC Trust Agreement and request acceptance of the TSXV. While the amendments to the CPC Directive do not eliminate trust requirements, they will significantly reduce the burden of the current CPC fiduciary regime. In particular, there will no longer be a multi-step approach to determining the trust period. Following a qualifying transaction, all securities filed by CPC are subject to an 18-month fiduciary plan (the current rules provide for a distinction between Tier 1 and Tier 2 issuers), with 25% of the securities deposited being released on the date TSXV publishes a Final QT Exchange Bulletin and 25% for each of the 6. 12 and 18 months after that date. In addition, CPC stock options and shares issued during the exercise of stock options are released on the date on which TSXV publishes its final QT Exchange Bulletin, unless such securities were granted prior to the IPO and at an exercise price lower than the IPO price. To decide on an amendment, prior to the effective date of such an amendment (seven business days prior to an amendment requiring the agreement of non-participating shareholders), the CPC must issue a press release refining its intent, including summaries of the material changes, and for an amendment requiring the agreement of non-participating shareholders, obtain the agreement of TSXV. . .

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