Pinehurst Capital I Inc. Completes Initial Public Offering; Common Shares Will Commence Trading
11 Avril 2019 - 12:22AM
Pinehurst Capital I Inc. (TSXV: PHT.P) (the
"
Corporation") is pleased to announce that it has
successfully completed its initial public offering of 3,000,000
common shares (the "
Common Shares") at $0.10 per
share for gross proceeds of $300,000 (the
"
Offering"). As a result of this issuance, the
Corporation has 5,000,000 Common Shares issued and outstanding of
which 2,000,000 Common Shares are subject to escrow restrictions as
disclosed in the Corporation's final prospectus dated February 7,
2019, a copy of which may be obtained at www.sedar.com. M Partners
Inc. (the "
Agent") acted as agent for the
Offering. In connection with the Offering, the Agent received a
cash commission of $30,000, a corporate finance fee of $20,000 and
300,000 compensation warrants (the "
Agent's
Warrants"). The Agent's Warrants will expire 24 months
from the date the Corporation's Common Shares are listed on the TSX
Venture Exchange (the "
Exchange").
The Corporation is a capital pool company
pursuant to Policy 2.4 of the Exchange (the "CPC
Policy"). Except as specifically contemplated in the CPC
Policy, until the completion of its "Qualifying
Transaction" (as defined in the CPC Policy), the
Corporation will not carry on business, other than the
identification and evaluation of companies, business or assets with
a view to completing a proposed Qualifying Transaction.
The Corporation has also granted stock options
to acquire an aggregate of 500,000 Common Shares at an exercise
price of $0.10 per share to the directors and officers of the
Corporation, which will expire 10 years from the date of grant.
The Corporation's Common Shares will commence
trading on the Exchange under the symbol "PHT.P" within two days of
the TSX Venture Exchange issuing an Exchange Bulletin evidencing
its final acceptance of the documents.
Investors are cautioned that trading in the
securities of a capital pool company is considered highly
speculative.
For further information, please contact:
David Rosenkrantz, Director, CEO and CFO at
(416)-865-0123 x1.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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