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Vancouver, British Columbia – (Newsfile Corp. – November 24, 2021) – GrowMax Resources Corp. (TSXV: GRO) (“GrowMax“or the”Society“) is pleased to announce that effective November 29, 2021, the name of the company will change from” GrowMax Resources Corp. “to” Colored Ties Capital Inc. “(the”Name change“) and the Company’s trade symbol will change from” GRO “to” TIE “. The new CUSIP number will be 19682H107 and the new ISIN number will be CA19682H1073.
Also effective November 29, 2021, the Company will consolidate its common shares on a ten (10) for one (1) basis (the “Consolidation of sharesThe Company currently has 232,756,414 common shares issued and outstanding. Following the reverse stock split, the Company will have approximately 23,275,641 common shares issued and outstanding prior to the rounding of fractional shares.
Once the reverse stock split and name change is complete, a letter of transmittal will be mailed to registered shareholders advising them that the reverse stock split and name change has taken effect. The Letter of Transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated common shares for new share certificates or DRS statements representing the number of shares. ordinary post-consolidated companies to which they are entitled. No action is required from non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the reverse stock split and name change.
The reverse stock split and the name change have been approved by the Board of Directors of the Company and the TSX Venture Exchange.
The Company is pleased to announce that since changing its business focus from mineral exploration to an investment issuer classification, the Company has made several successful investments which have generated positive returns for the Company. . As of October 21, 2021, the Company had approximately $ 11,057,606 in cash and total equivalents and $ 10,330,84 in total investments in public and private entities. Total liabilities as of October 21, 2021 were approximately $ 39,815. These figures correspond to a net asset value for the company of $ 21,348,665 or $ 0.92 per share on a consolidated stock basis of 23,275,641 common shares issued and outstanding (all figures are based on financial statements unaudited and expressed in canadian dollars and subject to variations).
Going forward, the management of the Company is well connected within the North American equity markets and will work in partnership with venture capital funds and some of Canada’s leading investment banks to research and finance start-up companies. which have a direct means of obtaining listings on exchanges such as TSX, NASDAQ, NYSE and offering exciting returns on capital. In seeking investment opportunities, the Company will focus on opportunities that disrupt their lines of business, has exceptional management teams, has a strong capital structure and is supported by investment bankers. recognized. Target investments must have a clearly defined path to obtaining public listings and the Company will provide business advisory services to issuers to assist them in obtaining public company listings.
Mr. Kal Malhi, CEO, said: “We are very happy to launch Colored Ties Capital on a path of providing excellent returns to investors and the company offers investors an opportunity to invest in startup opportunities that are not available. only for the very wealthy. or institutional investors. Our clear mandate is to invest in start-up opportunities that offer exponential returns from the start-up phase to the listing of a public company on a premier stock exchange. We are focused on growing the net asset value of the company and the management. interests are very much aligned with all shareholders as management currently owns over 20% of the outstanding common shares of the company. We will use our extensive industry contacts and partner with other investment banks to help exceptional start-ups on the path to commercialization success. “
Recently, the company invested in Ridevision https://ride.vision.
RideVision was founded in 2018 by motorcycle enthusiasts Uri Lavi and Lior Cohen. The company is revolutionizing the motorcycle safety industry by harnessing the power of artificial intelligence and image recognition technology, thereby providing riders with a much broader awareness of their environment and crash avoidance systems. collisions, preventing collisions and allowing bikers to ride with confidence. that they are safe.
Companies related to artificial intelligence and machine learning received a record funding of $ 27.6 billion in 2020, according to Crunchbase and Ridevision was ranked among the top 25 machine learning startups in 2020 by Crunchbase. https://www.forbes.com/sites/louiscolumbus/2021/01/10/top-25-machine-learning-startups-to-watch-in-2021-based-on-crunchbase/?sh=36bfcf8f4038.
Ridevision has some of the world’s leading motorcycle OEMs and aftermarket companies in discussion to test Ridevision technology.
Colored Ties Management is also in talks with entrepreneurs and start-ups and in partnership with some of the major investment banks to fund other start-up investments that provide an investment opportunity in line with company guidelines, in any sector of the economy.
Entrepreneurs and start-ups seeking assistance in the capital and capital markets are encouraged to contact the Company at the email address provided below.
The company will also launch its updated website in the coming days with information and notify investors once the website goes live.
For more information on Colored Ties Capital, please contact:
Chief Executive Officer
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..
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105082