Champignon Brands Announces Filing of Listing Statement
Champignon Brands Inc. has filed a new Listing Statement with the Canadian Securities Exchange, detailing its acquisition of AltMed Capital Corp. This transaction is a reverse takeover. Additionally, the company has requested the revocation of cease trade orders imposed by the British Columbia and Ontario Securities Commissions due to previous reporting deficiencies. Champignon has recently submitted updated financial statements covering several interim periods. The company focuses on innovative treatments for mental health disorders using ketamine and psilocybin derivatives.
- Filed a new Listing Statement with the Canadian Securities Exchange, indicating a strategic move towards compliance and growth.
- Acquired AltMed Capital Corp., potentially enhancing its market position in the mental health treatment sector.
- Submitted updated financial statements, which may restore investor confidence and transparency.
- Cease trade orders from regulatory commissions due to prior reporting deficiencies, indicating compliance issues.
- No guarantee that the cease trade orders will be revoked, which may hinder trading and investor sentiment.
Files Application for Revocation of Cease Trade Orders
TORONTO, March 26, 2021 /PRNewswire/ - Champignon Brands Inc. (the "Company"), (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF), announced today that it has filed a new Listing Statement with the Canadian Securities Exchange ("CSE") which contains disclosure regarding the acquisition of AltMed Capital Corp. ("AltMed") (the "Transaction"). The Transaction constituted a reverse takeover of Champignon by AltMed.
The Company today has also filed an application with the British Columbia Securities Commission and Ontario Securities Commission (the "Commissions") requesting that the Commissions revoke their cease trade orders against the Company. The Company's Common Shares were cease traded by the Commissions for (i) content deficiency in the Company's material change report dated April 30, 2020, and (ii) failure to provide periodic financial disclosure for the interim period ended June 30, 2020.
On March 11, 2021, the Company filed (or refiled, as applicable) interim financial statements and management's discussion & analysis for the interim periods ending March 31, 2020, June 30, 2020, and September 30, 2020, respectively, as previously announced by the Company (see news release of March 11, 2021). On March 15, 2021, the Company filed a Notice of Change in Corporate Structure pursuant to Part 4 of National Instrument 51–102 – Continuous Disclosure Obligations and on March 22, 2021 the Company filed interim financial statements and management's discussion & analysis for the period ended December 31, 2020.
The Listing Statement and financial reports referenced above are available under the Company's profile on SEDAR at www.sedar.com.
Champignon Brands Inc. (https://champignonbrands.com) is a medical solutions company that aims to reduce the illness burden of brain-based mental disorders (e.g., major depressive disorder). Its operations are primarily focused on (i) owning and operating multidisciplinary clinics providing treatment for mental health disorders and (ii) research activities related to discovering and commercializing novel drugs and delivery methods.
Champignon develops ketamine and psilocybin derivatives and other psychedelic products from the Company's IP development platform. Champignon, through its wholly-owned subsidiary, the Canadian Rapid Treatment Center of Excellence Inc., currently operates multidisciplinary community-based clinics offering rapid-onset treatments for depression located in Mississauga, Toronto and Ottawa.
ON BEHALF OF THE BOARD
"Dr. Roger S. McIntyre"
Dr. Roger S. McIntyre
Chairman & CEO
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance are "forward-looking statements."
Forward-looking statements include statements with respect to the lifting of the existing cease trade orders by the Commissions and the reinstatement of trading in the Company's Common Shares on the CSE. There is no guarantee that the cease trade orders will be revoked.
Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the Company's requirements for additional financing, and the effect of capital market conditions and other factors on capital availability, the Company's limited operating history and lack of historical profits; competition; failure of treatments to provide the expected health benefits; unanticipated side effects; dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, state, municipal, local or other licenses; developments and changes in laws and regulations, including increased regulation of the Company's industries and the capital markets; economic and financial conditions; volatility in the capital markets; engaging in activities that could be later determined to be illegal under domestic or international laws; failure to obtain the necessary shareholder, government or regulatory approvals, including that of the CSE; and failure to retain, secure and maintain key personnel and strategic partnerships including but not limited to executives, researchers, clinicians, customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.
Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedar.com. There can be no assurance that forward looking-statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available.
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SOURCE Champignon Brands Inc.
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