Mr. Nicholas Segounis reports
VANITY CAPITAL INC. MUTUALLY TERMINATES
LETTER OF INTENT WITH XYNARX PHARMACEUTICALS CORP.
Vanity Capital Inc. has noted the expiration and mutual termination of the letter of intent between XynaRx Pharmaceuticals Corp. and the company announced on March 14, 2019.
The company spent a considerable time and effort working toward closing this transaction and setting the infrastructure in place for the XynaRx after the close of the transaction. The company was not in position to finalize the definitive agreement by April 30, 2019, since several conditions precedent were not concluded such as XynaRx's audited financial statements and other customary due diligence documentation. Based on the delays, the company did not believe more time would have resolved matters between the parties.
Nick Segounis, the chief executive officer of the company, said: "We are disappointed that we were unable to move forward with the XynaRx transaction. We had all the necessary documentation and shareholder support in place to move quickly. The company is disappointed the transaction did not move forward; however, we have gained significant understanding about the cannabis pharma industry as a result of this experience. Our goal is to identify a team and business combination that can take full advantage of what Vanity offers and values our contribution and the loyalty of our existing shareholders."
The company is now in a position to identify a team and business combination that fits with shareholders' values, vision and corporate direction. Vanity will immediately start looking for a new partner to complete a value-adding transaction.
The shares of the company are currently halted from trading. Trading is anticipated to resume at a date to be determined by the TSX Venture Exchange based on TSX-V requirements, and the company will provide an updating news release with respect to the anticipated resumption of trading date once determined.
About Vanity Capital Inc.
The company is currently a TSX Venture Exchange-listed junior exploration company seeking to complete a business transaction with a target company. The company has over $500,000 in its treasury and has received shareholder approval to delist from the TSX Venture Exchange and move to either the Canadian Securities Exchange or NEO Exchange should the business of a target company require such a change. The shareholders of the company have also approved the creation of supervoting shares, which will allow the company to quickly close a transaction with a United States-based target should one be identified.
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