STANDARD MERCANTILE ACQUISITION CORP. REPORTS VOTING RESULTS OF ANNUAL MEETING

TORONTO, June 13, 2022 /CNW/ - Standard Mercantile Acquisition Corp. (TSX: SMA) (the "Company") announces the results of matters voted on at its  annual meeting of shareholders held on June 9, 2022 (the "Meeting"). There were 9 shareholders represented in person or by proxy at the Meeting holding 3,945,262 Class A Shares, representing approximately 53.91% of the Company's total issued and outstanding shares.

Each of the nominees for election as a director listed in the Company's management information circular dated May 9, 2022 was elected as a director of the Company at the Meeting. Proxies in respect of the matters put before shareholders at the Meeting were received as follows:

1.         Election of Directors

Each of the nominees for election as directors listed in the management information circular of the Company dated May 9, 2022 was elected as a director of the Company for the ensuing year or until their successors are elected or appointed. Management received proxies in respect of the election of directors of the Company as follows:

2.           Appointment of Auditor

KPMG LLP, Chartered Accountants, was appointed auditor of the Company until the next annual meeting of shareholders at remuneration to be fixed by the board of director (the "Board") of the Company. Management received proxies in respect of the appointment of the auditor of the Company as follows:

The Company holds a portfolio of mortgages in Canada. At the Company's 2021 annual and special meeting of shareholders, the Company sought and received shareholder approval to change its name to "Standard Mercantile Acquisition Corp.", among other amendments to the articles of the Company. The Company is focused on monetizing its remaining mortgage assets and is considering options to enable its shareholders to participate in the potential future value of the Company through transactions that could capitalize on the Company's public listing. The Board has experience in sourcing, evaluating and executing transactions of this nature.

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Details of the risk factors relating to the Company and its business are discussed under the heading "Business Risks and Uncertainties" in the Company's annual Management's Discussion & Analysis for the year ended December 31, 2021 and under the heading "Risk Factors" in the Company's Annual Information Form dated March 30, 2022, copies of which are available on the Company's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Standard Mercantile Acquisition Corp.