Meteorite Capital Inc. and Kobo Resources Inc. Announce Conditional Approval of Qualifying Transaction

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MONTREAL--(BUSINESS WIRE)--Meteorite Capital Inc. (TSXV: MTR) (“Meteorite” or the “Corporation”) and Kobo Resources Inc. (“Kobo” and, together with Meteorite, the “Companies”) today announce that they have received conditional approval from the TSX Venture Exchange (“TSXV”) on March 16, 2023 in connection with the proposed transaction between Kobo and Meteorite (the "Qualifying Transaction"). The Transaction will be implemented by way of a reverse take-over of Meteorite by the shareholders of Kobo, with the resulting company (the “Resulting Issuer”) to be renamed “Kobo Resources Inc.”.

In connection with the Qualifying Transaction, Meteorite will acquire all of the issued and outstanding securities of Kobo by way of a three-cornered amalgamation whereby Kobo will amalgamate with a wholly-owned subsidiary of Meteorite. Closing of the Transaction is expected to occur on or about March 29, 2023, or such other date as Meteorite and Kobo may determine but no later than March 31, 2023.

For further information on the Qualifying Transaction, please refer to the filing statement of the Companies dated March 22, 2023 filed under the Companies’ profiles on SEDAR at www.sedar.com.

Further Information

All information contained in this news release with respect to Meteorite and Kobo was supplied by the parties respectively, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.

For further information regarding the Qualifying Transaction, please contact:

Charles R. Spector, Director, Meteorite Capital Inc.

Telephone: [phone]
Email: [e-mail]

Edouard Gosselin, Chief Executive Officer and Director, Kobo Resources Inc.

Telephone: [phone]
Email: [e-mail]

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD‐LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms and conditions of the proposed Qualifying Transaction and the timing of the proposed Qualifying Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Meteorite and Kobo assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.