/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
TORONTO, June 5, 2023
/CNW/ - Seven Oaks Capital Corp. (the "Corporation") (TSXV:
SEVN.P) announces the mutual termination of its proposed arm's
length qualifying transaction with Rimon Hedge Funds Ltd.
("Rimon"), previously announced on February 1, 2023, which was intended to
constitute the Corporation's "Qualifying Transaction" (the
"Proposed Transaction") as such term is defined in Policy
2.4 of the TSX Venture Exchange (the "Exchange"). The
Corporation will continue to pursue and evaluate other businesses
and assets with a view to completing a Qualifying Transaction and
will make further announcements with respect to these efforts as
soon as practically possible.
As a consequence of the mutual termination of the binding letter
agreement dated January 29, 2023,
Rimon has fulfilled its contractual obligation to the Corporation
to pay for an amount equal to 50% of the fees and costs incurred by
the Corporation in connection with pursuing the Proposed
Transaction.
The Corporation is coordinating with the Exchange regarding the
eventual resumption of trading in its common shares.
About Seven Oaks Capital
Corp.
Seven Oaks is a capital pool company created pursuant to the
policies of the Exchange. It does not own any assets, other than
cash or cash equivalents. The principal business of Seven Oaks is
to identify and evaluate opportunities for the acquisition of an
interest in assets or businesses and, once identified and
evaluated, to negotiate an acquisition or participation subject to
acceptance by the Exchange so as to complete a Qualifying
Transaction in accordance with the policies of the Exchange.
Forward-Looking Statements
Investors are cautioned that trading in the securities of a
capital pool company should be considered highly speculative.
Certain statements in this news release constitute "forward-looking
information" and "forward-looking statements" under applicable
securities legislation. All information contained herein that is
not historical in nature may constitute forward-looking
information. Forward-looking information is 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 herein. 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 of this news
release should not place undue reliance on forward-looking
information. The Corporation disclaims any intention or obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
Neither the Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Seven Oaks Capital Corp