Canaccord Genuity Growth II Corp. Announces Sponsor Contribution and Provides Additional Details on Special Meeting

TORONTO, Dec. 7, 2020 /CNW/ - CANACCORD GENUITY GROWTH II CORP. (NEO: CGGZ.UN) ("CGGCII" or the "Corporation") announced today that CG Investments Inc. III (the "Sponsor"), the Corporation's sponsor, has agreed to contribute to the Corporation's escrow account, as a non-interest bearing loan (each loan being referred to herein as a "Contribution"), $0.006 per month for each Class A Restricted Voting Unit that is not redeemed in connection with the vote at the Meeting (as defined below) to approve an extension of the permitted timeline (the "Extension") for CGGCII to close a qualifying transaction from January 5, 2021 to July 5, 2021, for an aggregate of $200,100 each month (or a pro rata portion thereof if less than a month). Accordingly, if the Corporation takes until July 5, 2021 to complete its qualifying transaction, which would represent an Extension of six months, the Sponsor would make aggregate Contributions of approximately $1,200,600 (assuming no Class A Restricted Voting Units were redeemed).

If the Extension Resolution (as defined below) is approved and the Extension is implemented and the Corporation takes the full time until July 5, 2021 to complete its qualifying transaction, the redemption amount per unit in connection with such qualifying transaction would be approximately $3.08 per unit (assuming no additional interest is earned on the amount deposited in the escrow account), in comparison to approximately $3.03 per unit which will be the amount each Class A Restricted Voting Unit that is deposited for redemption in connection with the Extension Resolution will receive upon its redemption.

The Sponsor will not make any Contribution unless the Extension Resolution is approved and the Extension is implemented. The Contribution(s) will be repayable by the Corporation to the Sponsor or its affiliates upon consummation of a qualifying transaction. If the Corporation is unable to consummate its qualifying transaction, the Contribution(s) will be forgiven.

CGGCII also announced that it is in the process of mailing a notice of meeting, management information circular and form of proxy (the "Meeting Materials") in connection with the special meeting of Class A Restricted Voting Shareholders of CGGCII to be held at 10:00 am (Toronto time) on Monday, January 4, 2021 (the "Meeting") to vote on a resolution (the "Extension Resolution") to approve the Extension. Copies of the Meeting Materials will also be filed on CGGCII's SEDAR profile at www.sedar.com.

Additional important information for Class A Restricted Voting Shareholders relating to, among other things, the business of the Meeting, background of the Meeting, redemption rights, voting procedures, the appointment and registration of proxyholders and how to attend and participate at the Meeting are set out in the Meeting Materials. Class A Restricted Voting Shareholders should read such materials carefully.

About Canaccord Genuity Growth II Corp.
Canaccord Genuity Growth II Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting a qualifying transaction within a specified period of time. For more information regarding the Corporation's business purpose and qualifying transaction targets, see the Corporation's most recent annual information form, financial statements, management's discussion & analysis and other continuous disclosure documents periodically filed on SEDAR.

Forward–Looking Statements
This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. The Corporation does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE Canaccord Genuity Growth II Corp.