BuzBuz Capital and Inolife R&D Announce Satisfaction of Escrow Release Conditions

BuzBuz Capital Corp. (TSXV: BZBZ.P) (“BUZ” or the “Company”), a Capital Pool Company, and Inolife R&D Inc. (“Inolife”) are pleased to announce that in connection with the previously completed brokered subscription receipt financing by Inolife for gross proceeds of $6,000,000, BUZ and Inolife have received all shareholder and regulatory approvals, including the conditional approval of TSX Venture Exchange, and satisfied all conditions necessary to complete its previously announced qualifying transaction on August 7, 2020 (the “Escrow Release Conditions”) and that following such satisfaction of the Escrow Release Conditions the underlying securities have been deemed to be issued to the holders of subscription receipts.
Each subscription receipt will automatically convert into one unit (a “Unit”) of Inolife, without the payment of additional consideration or the taking of further action on the part of the subscriber. Each Unit is comprised of one common share in the capital of Inolife and one-half of one non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share in the capital of Inolife (each, a “Warrant Share”) at a price of C$0.70 per Warrant Share for a period of twelve months following the satisfaction of the Escrow Release Conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Richard Buzbuzian
President and CEO
BuzBuz Capital Corp.
richard@dronedeliverycanada.com(647) 501-3290
Michael Wright
President and CEO
Inolife R&D Inc.
(514) 992-9484
Source: BuzBuz Capital and Inolife R&D