Danbel Ventures Inc. Announces Update in Respect of the Reverse Takeover With Maricann Inc.

TORONTO, ONTARIO--(Marketwired - April 13, 2017) - Danbel Ventures Inc. ("Danbel" or the "Company") is pleased to announce that its shareholders approved all resolutions brought before them at the Company's Annual and Special Meeting of Shareholders (the "Meeting") held in Toronto on April 13, 2017, including the approval of all matters relating to its proposed reverse takeover transaction (the "Transaction") with Maricann Inc. ("Maricann").

The matters approved at the Meeting include the following:

  1. election of Michael Stein, Gabriel Nachman, Barry Polisuk and Michael Singer as directors of the Company to hold office until the earlier of the close of the next annual meeting of shareholders of the Company or the closing of the Transaction;
     
  2. setting the number of directors of the Company at four (4) directors and the election of Neil Tabatznik, Raymond Stone, Ben Ward, and Eric Silver as the directors of the Company, to hold office from the closing of the Transaction until the next annual meeting of the shareholders of the Company;
     
  3. reappointment of HS & Partners LLP as auditors of the Company, to hold office until the next annual meeting of the shareholders of the Company or until the closing of the Transaction is completed, and the appointment of Ernst & Young LLP as auditors of the Company to hold office from the closing of the Transaction until the next annual meeting of shareholders of the Company;
     
  4. approval of a new stock option plan of the Company to take effect upon the closing of the Transaction;
     
  5. consolidation of the Company's share capital on the basis of one (1) post-consolidation common share for every nine and twenty-two hundredths (9.22) pre-consolidation common shares to take effect immediately prior to closing the Transaction;
     
  6. the change of the name of the Company to "Maricann Group Inc." to take effect upon the closing of the Transaction;
     
  7. the change of the Company's registered address from the municipality of Toronto, Ontario, to Burlington, Ontario; and
     
  8. the repeal of the old By-law No. 1A of the Company and the adoption of new By-law No. 1 of the Company.
     

More specific details of the matters approved at the Meeting are set forth in a management information circular of the Company dated March 13, 2017 and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at www.sedar.com.

In connection with the Transaction and pursuant to Canadian Securities Exchange (CSE) requirements, the Company filed a listing statement on SEDAR, which contains further details regarding the Transaction, the Company, Maricann and the resulting issuer. The Transaction remains subject to the final approval of the CSE and satisfaction of closing conditions customary to transactions of this nature and there can be no assurance that the Transaction will be completed as proposed or at all. The Transaction is anticipated to close on April 20, 2017.

Graham Sorkin