GrowMax Announces Share Consolidation and Name Change and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - GrowMax Resources Corp. (TSXV: GRO) ("GrowMax" or the "Company") is pleased to announce that effective November 29, 2021, the Company's name will change from "GrowMax Resources Corp." to "Coloured Ties Capital Inc." (the "Name Change") and the trading symbol for the Company 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 "Share Consolidation"). The Company currently has 232,756,414 common shares issued and outstanding. Following the Share Consolidation, the Company will have approximately 23,275,641 common shares issued and outstanding prior to rounding for fractional shares.
Upon completion of the Share Consolidation and Name Change, a letter of transmittal will be sent by mail to registered shareholders advising that the Share Consolidation and Name Change have 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 new DRS statements representing the number of post-consolidated common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Share Consolidation and Name Change.
The Share Consolidation and Name Change was approved by the board of directors of the Company and by the TSX Venture Exchange.
CORPORATE UPDATE
The Company is pleased to report that since changing its business focus away from mineral exploration and into an investment issuer classification, the Company has made several successful investments that have resulted in positive returns for the Company. As of October 21, 2021, the Company had approximately $11,057,606 in Total Cash and Equivalents and $10,330,84 in total investments in public and private entities. Total liabilities as of October 21, 2021 was approximately $39,815. These numbers equal to a Net Asset Value for the Company of $21,348,665 or $0.92 per share on a consolidated share basis of 23,275,641 common shares issued and outstanding (all figures are based on unaudited financial statements and stated in Canadian currency and subject to variations).
Moving forward, the Company's management is well connected within the North American equity markets and will be working in partnership with venture capital funds and some of Canada's leading investment banks to seek and fund early stage companies that have a direct path to obtaining public listings on senior stock exchanges such as the TSX, NASDAQ, NYSE and providing exciting capital returns. In seeking investment opportunities, the Company will focus on opportunities that disrupt their business sectors, have exceptional management teams, have sound capital structure and have support from recognized investment bankers. Target investments must have a clearly defined path to obtaining public listings and the Company will provide corporate advisory services to investee companies to assist them in obtaining public company listings.
Mr. Kal Malhi, CEO, states, "We are very pleased to start Coloured Ties Capital on a path to providing great investor returns and the Company offers investors an avenue to invest in early stage opportunities that are only available to ultra high net worth individuals or institutional investors. Our clear mandate is to make investment in early stage opportunities that offer exponential returns from start-up stage to a public company listing on a senior exchange. We are laser focused to grow the Net Asset Value of the Company, and Management interests are very much aligned with all shareholders as Management currently owns in excess of 20% of the outstanding common shares of the Company. We will utilize our extensive industry contacts and partner with other investment banks to assist exceptional start-ups on their path to commercial success."
Recently, the Company made a capital investment into 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 strength of artificial intelligence and image-recognition technology, ultimately providing motorbike riders with a much broader awareness of their surroundings, and collision avoidance systems, preventing collisions and enabling bikers to ride with full confidence that they are safe.
Artificial Intelligence and machine learning related companies received a record $27.6 billion in funding in 2020, according to Crunchbase and Ridevision was named as one 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 Motorbike OEM's and aftermarket companies in discussions to test the Ridevision technology.
Coloured Ties Management is also in talks with entrepreneurs and start-ups and in partnership with some of the leading investment banks to fund other early stage investments that offer an investment opportunity that meets the Company guidelines, in any sector of the economy.
Entrepreneurs and start-up companies seeking capital and capital markets assistance are encouraged to contact the Company at the below noted email address.
The Company will also be launching its updated website in the coming days with information and will update investors once the website is live.
For more information about Coloured Ties Capital, please contact:
Kal Malhi
Chief Executive Officer
kal@bullruncapital.ca
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.
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