Orletto Capital II Inc. and Charbone Corporation Announce Change of Name, Share … – Press Release

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

BROSSARD, Québec, April 19, 2022 (GLOBE NEWSWIRE) — Orletto Capital II Inc. (“Orletto“) OLT, a capital pool company listed on the TSX Venture Exchange (the “Exchange“), is pleased to announce that, on April 14, 2022 by certificate of amendment issued by Corporations Canada, it changed its name to Charbone Hydrogen Corporation (“Charbone Hydrogen“) and consolidated its issued and outstanding common shares (the “Common Shares“) on the basis of 1.079365 pre-consolidation Common Share for one post-consolidation Common Share (the “Consolidation Ratio“). No fractional Common Shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share. The 6,800,000 Common Shares currently issued and outstanding will be reduced to 6,300,000 Common Shares. Outstanding stock options will also be adjusted by the Consolidation Ratio and the exercise prices of outstanding options will be adjusted accordingly.

Charbone Hydrogen (formerly Orletto) is also pleased to announce that the Exchange has conditionally approved the proposed business combination with Charbone Corporation (“Charbone“) by way of a three-cornered amalgamation which will constitute the qualifying transaction of Charbone Hydrogen (the “Qualifying Transaction“), and that it has filed a filing statement in respect of the Qualifying Transaction dated effective March 31, 2022. Assuming all conditions to closing are satisfied, Charbone Hydrogen and Charbone anticipate to close the Qualifying Transaction on or about April 22, 2022. The Common Shares are expected to resume trading on or about May 3, 2022 under the new symbol CH. In due course, the parties will…

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