Vancouver, British Columbia – TheNewswire - January 27, 2021 - Efficacious Elk Capital Corp. (“EECC.P”) (“EECC” or the “Company”) (TSXV:EECC.P) is pleased to announce the results of the Company’s Annual General and Special Meeting of Shareholders held on January 20, 2021 (the “AGSM”).

AGM Results

EECC held its AGSM on January 20, 2021. The following resolutions proposed by management of the Company were unanimously passed:

1.        The number of Directors was set at six (6) and shareholders approved the re-election of Eugene A.         Hodgson, David W. Smalley, Michael B. Harrison, Rodney W. Reum, Edward T. L. Cheung and Hooi Hing         Lee as directors.  

2.        Davidson & Company, Chartered Accountants, were re-appointed as auditors of the Company for the         ensuing year and the Directors have been authorized to fix their remuneration.

3.        The Company’s existing stock option plan was reapproved. The Company’s stock option plan will remain         a 10% “rolling” plan.

4.        As allowed by Policy 2.4 of the TSX Venture Exchange (the “Exchange”) Corporate Finance Manual         effective January 1, 2021, the shareholders of EECC (excluding the votes of Listed Shares held by         Non-Arm’s Length Parties to EECC         who own Seed Shares and their Associates and Affiliates) approved         a resolution to remove the requirement to obtain majority shareholder approval to list EECC on the NEX         board of the Exchange and to cancel certain Seed Shares held by Non-Arm’s Length Parties to EECC,         which was previously a required consequence of EECC failing to complete a Qualifying Transaction within         24 months after the date of listing of the common shares of EECC on the Exchange.

5.        As allowed by Policy 2.4 of the Exchange Corporate Finance Manual effective January 1, 2021,         the         shareholders of EECC (excluding the votes of  Listed Shares held by Non-Arm’s Length Parties         to EECC         who own Seed Shares and their Associates and Affiliates) approved a resolution         to amend the CPC         Escrow Agreement to which EECC is a party to reduce the length of the term of such escrow to a term         that is not less than such as is permitted by section 10.2 of Policy 2.4 of the Exchange Corporate Finance         Manual effective January 1, 2021.

The amendments set out in paragraphs 4 and 5 will be implemented by the Company subject to approval of the Exchange. The Company does not expect to resume trading until the Exchange receives the requisite documentation to allow the same.

Further information regarding the resolutions passed can be found in the Company’s Information Circular as filed on the Company’s profile on SEDAR at www.sedar.com.

Management and the Board would like to thank EECC’s shareholders for their continued support.

About Efficacious Elk Capital Corp.

The Company is a capital pool company (“CPC”) within the meaning of the policies of the TSX Venture Exchange.  The Company has not commenced operations and has no assets other than cash.  The Company proposes to identify and evaluate business and assets with a view to completing a "Qualifying Transaction" under the TSX Venture Exchange Policy 2.4 – Capital Pool Companies.

For further information contact:

Eugene A. Hodgson, President and CEO

Telephone: (604) 805-6600

Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.