1317229 B.C. Ltd. Extends Escrow Release Deadline for Launchit Acquisition

1317229 B.C. Ltd. and Launchit Solutions Inc. have extended the deadline for the release of funds from an escrow account. The original deadline of September 24, 2026, has been pushed back to December 23, 2026. This extension was made pursuant to section 3.3 of the Subscription Receipt Agreement, which allows the companies to extend the deadline by an additional 90 days in their sole discretion.

The extension follows a non-brokered private placement of 10,000,000 subscription receipts by Launchit Solutions Inc. at a price of $0.50 per receipt, raising a total of $5,000,000. These subscription receipts are part of a larger transaction that will see 1317229 B.C. Ltd. acquire Launchit Solutions Inc. through a three-cornered amalgamation. The proposed business combination is expected to result in the reverse takeover of 1317229 B.C. Ltd. by Launchit Solutions Inc.

According to the Subscription Receipt Agreement, each subscription receipt will automatically convert into one unit of Launchit Solutions Inc. upon the satisfaction of certain conditions. Each unit will consist of one Class A voting common share and one common share purchase warrant. These warrants will allow the holder to acquire a common share of Launchit Solutions Inc. at a price of $0.80, subject to adjustment and acceleration as per the warrant indenture dated June 2, 2026.

The funds from the concurrent financing will be released prior to the closing of the proposed business combination transaction. The transaction involves 1317229 B.C. Ltd., Launchit Solutions Inc., and 1001240330 Ontario Inc., a wholly owned subsidiary of 1317229 B.C. Ltd. The proposed transaction is expected to result in the reverse takeover of 1317229 B.C. Ltd. by Launchit Solutions Inc.

Launchit Solutions Inc. is described as a private company formed under the Business Corporations Act (Ontario) on August 2, 2024. The company focuses on life science technology and has strategic partnerships with Novo Nordisk and Shoppers Drug Mart. 1317229 B.C. Ltd., incorporated under the Business Corporations Act (British Columbia) on July 27, 2021, is a reporting issuer under the securities laws of Alberta and British Columbia. 1001240330 Ontario Inc., incorporated on May 16, 2025, was formed specifically for the purpose of completing the proposed transaction.

The extension of the escrow release deadline is a significant development in the ongoing transaction, providing additional time for the necessary regulatory approvals and preparations.