TORONTO, March 16,
2023 /CNW/ - VM Hotel Acquisition Corp. (TSX: VMH.U)
(TSX: VMH.WT.U) (the "Corporation" or "VMH"), announced today
that the resolution put to the holders ("Shareholders") of
the Corporation's class A restricted voting shares (the "Class A
Restricted Voting Shares") at the special meeting of
Shareholders held virtually on March 16,
2023 (the "Meeting"), was approved.
The Corporation announced that the resolution to extend the date
by which the Corporation has to consummate a qualifying acquisition
from March 31, 2023 to September 30, 2023 (the
"Extension"), was approved by the affirmative vote of 100%
of the votes represented at the Meeting. Following the receipt of
approval of the Shareholders, the board of directors approved the
Extension, effective as of March 20,
2023.
In connection with the Meeting, VMH provided Shareholders with
the opportunity to deposit their Class A Restricted Voting Shares
for redemption (the "Redemption"). After calculating the Part Vl.1
taxes under the Income Tax Act (Canada) payable in connection with the
Redemption, VMH expects that the amount that each Class A
Restricted Voting Share that was deposited for redemption in
connection with the Extension will be redeemed for is approximately
US$10.11. 1,608,700 Class A
Restricted Voting Shares were deposited for redemption in
connection with the Extension. A copy of the complete report on
voting at the Meeting will be made available under the
Corporation's profile on SEDAR at www.sedar.com.
About VM Hotel Acquisition Corp.
VMH is a special purpose acquisition company incorporated under
the laws of the Province of British
Columbia for the purpose of effecting a qualifying
acquisition within a specified period of time. VMH's head office is
located at Brookfield Place, 161 Bay Street, Suite 2420,
Toronto, ON, M5J 2S1 and the
registered office is located at 700 West Georgia Street, Floor 25,
Vancouver, BC V7Y 1B3.
Forward Looking Statements
This press release may contain forward–looking information
within the meaning of applicable securities legislation, which
reflects the Corporation's current expectations regarding future
events. Forward–looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward–looking
information. The Corporation does not undertake any obligation to
update such forward–looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
SOURCE VM Hotel Acquisition Corp