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TORONTO, Nov. 05, 2020 (GLOBE NEWSWIRE) — Cluny Capital Corp. (the “Company”) (TSXV:CLN.H), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “TSXV”), is pleased to announce that it has entered into a definitive agreement with Teonan Biomedical Inc. (“Teonan”) for the proposed combination of the two companies (the “Proposed Transaction”). The Proposed Transaction is intended to constitute the Company’s Qualifying Transaction (as such term is defined by the TSXV) and would result in a reverse take-over of the Company by Teonan. The parties had originally entered into a binding letter of intent dated July 28, 2020 which was announced by the Company on July 30, 2020. Additional details with respect to the Proposed Transaction will be announced at a later date in a comprehensive news release in accordance with Section 12.2 of TSXV Policy 2.4.
Teonan produces wellness beverages through its two brands, Teonan and Velada. Inspired by the relationships which ancient cultures held with the use of functional mushrooms, Teonan’s line of beverages is primarily focused on delicious flavours and immune support with a custom blend of organic functional mushroom extracts added in all of its beverages. Offered in a variety of delicious flavours, its beverage mixes are all probiotic, certified organic, vegan, dairy free, GMO free and gluten free. Teonan’s line of instant beverages are presently sold direct to consumers via its online stores across North America with shipping from its distribution centers in the USA and Canada. Its second brand, Velada is Teonan’s cannabis brand which operates under Teonan’s Canadian cannabis license which it obtained in November 2019 in accordance with the Cannabis Act to produce a cannabidiol (CBD) infused version of the Teonan beverage formulas. Teonan is continuously striving to further fortify the connection between people and functional mushrooms through its beverages.
For further information:
Cluny Capital Corp.
James Greig, Director
Teonan Biomedical Inc.
Erin Ronsse, President
The information provided in this news release regarding Teonan has been provided by Teonan and has not been independently verified by the Company.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned…