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King's Bay shareholders approve RTO, name change

2019-10-31 17:54 ET - News Release

Mr. Kevin Bottomley reports

KING'S BAY RESOURCES CORP. REPORT ON ANNUAL AND SPECIAL MEETING

King's Bay Resources Corp. held its annual and special meeting of shareholders on Oct. 10, 2019, to approve its reverse takeover through the acquisition of all of the issued and outstanding equity of S&S Company, LLC, among other matters. All resolutions presented were passed with at least 99 per cent of the votes cast. S&S owns and operates the licensed S&S California cannabis production and extraction lab branded as Elicit Labs (see King's Bay's March 29, 2019, news release).

In addition to annual general meeting standard items such as appointment of auditors, approval of stock option plan and election of directors, the company received overwhelming approval of a majority of the minority of its shareholders to the acquisition of S&S, as well as approval for the creation of preferred, super voting, non-participating shares, a one-for-5 share consolidation, a change of name to Merced Holdings Corp., a continuance of the company to British Columbia, the election of a slate of new directors upon closing of the S&S acquisition, and the delisting of the company's shares on the TSX Venture Exchange so it can list on the Canadian Securities Exchange (CSE).

The acquisition of S&S is proceeding with the company working on the remaining conditions to closing, including the completion of the King's Bay financing and the conditional listing of the company on the CSE, among others.

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