Searchlight Innovations Closes Initial Public Offering
08 Août 2022 - 7:12PM
Innovations Inc. ("
Searchlight" or the
"
Company") (TSX VENTURE: SLX.P) is pleased to
announce that on August 8, 2022, it has successfully completed its
initial public offering ("
Offering"), raising
gross proceeds of $300,000 pursuant to the Company’s final
prospectus dated May 12, 2022 (the “
Prospectus”)
by issuing an aggregate of 3,000,000 common shares in the capital
of the Company (the "
Shares") at a price of $0.10
per Share.
Pursuant to the agency agreement dated May 12,
2022, Research Capital Corporation (the "Agent")
acted as the agent for the Offering. In connection with the
Offering, the Agent received a cash commission of $30,000, a work
fee of $15,000 (plus GST) and an option to purchase up to 300,000
Shares at a price of $0.10 per Share until August 8, 2024.
The Company is a "capital pool company"
(“CPC”) under the policies of the TSX Venture
Exchange (the “Exchange”) and intends to use the
net proceeds of the Offering to identify and evaluate assets or
businesses for acquisition with a view to completing a "Qualifying
Transaction" under the policies of the Exchange. On August 4, 2022,
the Exchange issued a bulletin announcing the listing of the Shares
as of market open on August 8, 2022 and immediately halted trading
pending completion of the Offering. The Shares will resume trading
under the trading symbol "SLX.P" on or about
August 10, 2022.
Upon closing of the Offering, the Company
granted 510,000 stock options to its directors and officers which
are exercisable until August 8, 2032 at an exercise price of $0.10
per Share. Following the closing of the Offering, the Company now
has 5,100,000 Shares issued and outstanding (2,100,000 of which are
subject to escrow restrictions as disclosed in the Prospectus).
For further information, please see the
Prospectus, available under the Company’s profile on SEDAR at
www.sedar.com.
About the Company
Searchlight is a CPC within the policies of the
Exchange that has not commenced commercial operations and has no
assets other than cash. The board of directors of the Company
consists of Fayyaz Alimohamed, Frederic Leigh and Bradley Humphrey.
The sole officer of the Company is Fayyaz Alimohamed, Chief
Executive Officer, Chief Financial Officer and Corporate Secretary.
Except as specifically contemplated in the Exchange's CPC policy,
until the completion of its Qualifying Transaction, the Company
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.
For further information, please contact:
Fayyaz AlimohamedChief Executive
Officer, Chief Financial Officer, Corporate Secretary and Director
(604) 999-4456
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 news release.
Forward Looking Information
This news release contains statements about
Searchlight’s expectations regarding the completion of the
application for listing, and the commencement of trading, on the
Exchange that are forward-looking in nature and, as a result, are
subject to certain risks and uncertainties, such as final listing
approval from the Exchange. Although Searchlight believes that the
expectations reflected in these forward-looking statements are
reasonable as Searchlight assumes it will be able to fulfill the
terms of the conditional listing approval granted by the Exchange,
undue reliance should not be placed on them as actual results may
differ materially from the forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include failure to fulfill conditions of
listing and inability to obtain required regulatory approvals. The
forward-looking statements contained in this news release are made
as of the date hereof, and Searchlight undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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