Mr. Lorne Sugarman reports
IOCASTE VENTURES INC. ANNOUNCES TERMINATION OF LETTER OF INTENT
The previously announced non-binding letter of intent between Iocaste Ventures Inc. and Simulacra Corp. dated May 31, 2023, in respect of the proposed business combination transaction between Iocaste and Simulacra, has been terminated in accordance with its terms on the basis of Iocaste and Simulacra not having entered into a definitive agreement for the proposed transaction by 5 p.m. Mountain Time on Oct. 31, 2023. Among other reasons, Iocaste and Simulacra have allowed the LOI to terminate in accordance with its terms due to the current weak financial markets that have made raising funds, in respect of the proposed transaction or otherwise, difficult. The proposed transaction was expected to constitute the qualifying transaction of Iocaste, as such term is defined in Policy 2.4, Capital Pool Companies, of the TSX Venture Exchange.
Iocaste has re-engaged in the process of identifying and evaluating assets or businesses with a view to completing a qualifying transaction. Iocaste has applied to the TSX Venture Exchange to resume trading of the common shares of Iocaste (trading symbol ICY.P), which were previously halted from trading pending completion of the proposed transaction.
We seek Safe Harbor.
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