Cluny Capital Corp. Announces Receipt of Conditional Approval and Files Filing Statement for Its Qualifying Transaction

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

TORONTO, April 13, 2021 (GLOBE NEWSWIRE) -- Cluny Capital Corp. (the “Company” or “Cluny”) (TSXV:CLN.H), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “Exchange”), is pleased to announce that it has received conditional approval from the Exchange for the closing of its business combination (the “Transaction”) with Teonan Biomedical Inc. (“Teonan”), previously announced in its press releases dated July 30, 2020 and November 30, 2020 and the Company has filed its filing statement dated April 8, 2021 in connection with the Transaction (the “Filing Statement”). The Filing Statement is available under the Company’s profile on SEDAR at www.sedar.com. The Transaction is intended to constitute the Company’s Qualifying Transaction (as such term is defined by the Exchange) and would result in a reverse take-over of the Company by Teonan.

The Transaction involves the merger of the Company and Teonan by way of three-corner amalgamation between the Company, Cluny and a wholly-owned subsidiary of the Company, pursuant to the amalgamation agreement between the Company and Teonan dated November 3, 2020, as amended.

Subject to fulfillment of all conditions to closing, including the continuation of the Company under the Canada Business Corporations Act, completion of the consolidation of the outstanding common shares of the Company on a 3 for 1 basis and the change of its name to “The Good Shroom Co Inc.” (Les bons Champignons inc), the Transaction is expected to close on or about April 15, 2021.

Trading in the common shares of the Company will remain halted pending further filings with the Exchange. The common shares of the Company will resume trading under the symbol "MUSH" following publication of the Final QT Exchange Bulletin by the Exchange in respect of the closing of the Transaction.

For additional information concerning the Transaction and the foregoing matters in connection therewith, please refer to the Company’s news releases dated July 30, 2020, November 5, 2020, November 30, 2020 and February 11, 2021 and the Filing Statement, all of which are available under Cluny’s SEDAR profile at www.sedar.com

For further information:

Cluny Capital Corp.
James Greig, Director
[phone]
[e-mail]

Teonan Biomedical Inc.
Erin Ronsse, President
[e-mail]

The completion of the Transaction is subject to a number of conditions, including but not limited to receipt of all required regulatory approvals, including final Exchange acceptance and the satisfaction of other customary closing conditions.