TORONTO, ONTARIO--(Marketwired - May 14, 2014) - MCM Capital One Inc. ("MCM") (TSX VENTURE:ZGN.P), ("MCM" or the "Corporation") today announced the transfer of its listing from the TSX Venture Exchange ("TSXV") to the NEX board of the TSXV (the "NEX").
MCM's common shares (the "Common Shares") commenced trading on the TSXV on January 24, 2012. On October 8, 2013, MCM announced the proposed acquisition of Enerdynamic Hybrid Technologies Inc. ("EHTI") as its qualifying transaction (the "Transaction") and a halt trade of the shares. On January 27, 2014, the TSXV suspended trading of the Common Shares as a result of the Corporation's failure to complete a qualifying transaction within 24 months of listing. The Corporation had a further 90-day period within which to complete the Transaction or obtain the necessary shareholder approval and transfer its listing to the NEX (the "NEX Transfer").
To date, MCM has made progress towards completing the Transaction, but has not completed the Transaction within the allotted period. As a result, MCM obtained the requisite shareholder approval (exclusive of the votes of non-arm's length parties to MCM) for the NEX Transfer at a meeting of its shareholders held on March 20, 2014 (the "Meeting").
In addition, at the Meeting, shareholders approved the cancellation of 1,050,000 seed shares of MCM held in escrow pursuant to the escrow agreement dated February 28, 2011 between MCM, Valiant Trust Company and certain shareholders, in accordance with the TSXV Policy 2.4. On May 15, 2014, MCM's listing will transfer to NEX under the trading symbol ZGN.H and the Company's Tier classification will change from Tier 2 to NEX.
ABOUT MCM CAPITAL ONE INC.
MCM CAPITAL ONE INC. is a capital pool company ("CPC") formed under the TSXV CPC program.
Completion of the proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the proposed Transaction, any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a CPC should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the 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.