MiMedia Holdings Inc. (formerly, Efficacious Elk Capital Corp.) (the ‘Company') announced that, on March 15, 2022, it completed its previously announced reverse takeover (the ‘Transaction') with MiMedia Inc. (‘MiMedia'). The Transaction constitutes the Company's Qualifying Transaction and was completed pursuant to the terms and conditions of a merger agreement and plan of reorganization (the ‘Merger Agreement') dated November 15, 2021, among the Company, Elk Media Inc., a wholly owned subsidiary of the Company (‘Elk Subco'), and MiMedia. The company amendments were approved at a special meeting of the shareholders of the company held on February 14, 2022 (the "Special Meeting").

Following the Transaction, each of the directors other than David Smalley were elected to the board of the Company at the Special Meeting, subject to completion of the Transaction.