December 21, 2023 - Vancouver, British Columbia, Canada. Kalon Acquisition Corp. ("Kalon") (TSXV: KAC.P) and Pharmachal Health Group Pty Ltd, an arms-length pharmaceutical, medical device and veterinary company based in Melbourne, Australia ("Pharmachal"), are pleased to announce that Kalon, Pharmachal and the shareholders of Pharmachal have entered into a definitive share exchange agreement dated December 20, 2023 (the "Definitive Agreement") in respect of their previously announced business combination (see news release dated October 4, 2023). Under the terms of the Definitive Agreement, Kalon will acquire all the outstanding shares of Pharmachal from the shareholders of Pharmachal in exchange for common shares of Kalon, which transaction is intended to constitute Kalon's Qualifying Transaction (as such term is defined in Policy 2.4 – Capital Pool Companies ("Policy 2.4") of the TSX Venture Exchange (the "TSX-V")) (the "Transaction"). Upon completion of the Transaction, Kalon (the "Resulting Issuer") will carry on the business of Pharmachal and intends to list as a Tier 2 life sciences issuer on the TSX-V.
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