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Red Light Holland Announces Conditional Approval to List on the CSE under the Ticker “TRIP” and Closing of Reverse Takeover

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Toronto, Ontario–(Newsfile Corp. – May 25, 2020) – Red Light Holland Corp. (“Red Light” or the “Company“) is pleased to announce that the Canadian Securities Exchange (the “CSE“) provided the Company with conditional approval on May 22, 2020 to list its common shares (“Common Shares“). The Company is in the process of filing final documents with the CSE and, subject to satisfying customary listing conditions, expects the Common Shares to commence trading on May 28, 2020 under the ticker symbol “TRIP” (the “CSE Listing“).

The Company is also pleased to report that its previously announced reverse takeover transaction (the “RTO Transaction“) with Red Light Holland Financing Inc. (“Finco“) and Red Light Holland Debt Inc. (“Debtco“) closed on May 22, 2020. The RTO Transaction was effected by way of two triangular amalgamations among (a) the Company, Debtco and a wholly-owned subsidiary of the Company, and (b) the Company, Finco and another wholly-owned subsidiary of the Company. The Company is a reporting issuer whose Common Shares were voluntarily delisted from the TSX Venture Exchange on May 23, 2019, and consequently have not been posted for trading on any marketplace since such that time.

Following the CSE Listing, the Company, through one or more wholly-owned subsidiaries, intends to establish itself as a producer and distributor of its premium brand of psilocybin truffles (“Truffles“) within the Netherlands. By doing so, the Company hopes to contribute to the advancement and awareness of Truffles, and promote its potential as a candidate for further research and study. The Company’s target market is focused on the recreational space, and includes young professionals, and socially and artistically conscious individuals who are part of the positive counterculture.

In connection with the completion of the RTO Transaction, the board of directors and senior officers of the Company were reconstituted to consist of Todd Shapiro (Director, Chairman and Chief Executive Officer), Hans Derix (President), Kyle Appleby (Chief Financial Officer), Anne Barnes (Director), Lowell Kamin (Director), and Binyomin Posen (Director). Additional information regarding the business of the Company and the biographical details of the board of directors and senior officers can be found in the Company’s CSE Form 2A Listing Statement, which will be filed on SEDAR prior to the commencement of trading of the Common Shares on the CSE.

“Completing the Canadian Securities Exchange listing is a key milestone for the Company, as Red Light Holland embarks on becoming a leading provider of Truffles for the legal recreational Truffles market” said Todd Shapiro, the Chief Executive Officer and Chairman of the Company. Mr. Shapiro further commented “fulfilling our commitment to become a publicly listed company will provide the Company with access to institutional capital to foster our development and expansion plans. We are very grateful to the Canadian Securities Exchange, its staff and all our services providers for assisting us in achieving this important milestone”.

In connection with the RTO Transaction, the escrowed portion of the net proceeds from the Company’s previously announced private placement offering of subscription receipts of Finco (the “Financing“) were released from escrow and the subscription receipts were converted into 66,022,530 Common Shares. As a result of the completion of the RTO Transaction, former holders of subscription receipts from the Financing now hold approximately 34.06% of the Common Shares, on a non-diluted basis.

The net proceeds from the Financing will be used by the Company for operational expansion, business development and working capital purposes.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer and Chairman.
Tel: 647-204-7129
Email: [email protected]

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws including the listing of the Common Shares on the CSE as well as information relating to the Company. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the costs of compliance with and the risk of liability imposed under the laws in which the Company is operating or will operate under including environmental and health product regulations; negative changes in the political environment or in the regulation of Truffles and the Company’s business in the Netherlands; risks relating to the legal status of Truffles under the laws of the Netherlands; negative shifts in public opinion and perception of the Truffle industry and Truffle consumption; increasing competition in the industry; risks relating to rising energy costs; risks of product liability and other safety-related liability as a result of usage of the Company’s Truffle products; negative future research regarding safety and efficacy of Truffles and Truffle derived products; risk of shortages of or price increases in key inputs, suppliers and skilled labor; a lack of reliable data on the recreational Truffle industry; loss of intellectual property rights or protections; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.

The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company or its financial or operating results.

Not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person (as defined in in Rule 902(k) of Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56472

Fintech

Expressions of Interest for Director of the European Bank for Reconstruction and Development

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The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments

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The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.

Background

This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets

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The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global

 

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