TORONTO, Oct. 26, 2018 (GLOBE NEWSWIRE) -- County Capital One Ltd. (the “Corporation”) (TSX-V: CCAP.P) is pleased to announce that it completed an initial public offering (“IPO”) of 5,000,000 common shares at a price of $0.10 per share for gross proceeds of $500,000 and is now listed on the TSX Venture Exchange (the “Exchange”).
When combined with the cash proceeds raised prior to the IPO, the Corporation has raised total gross proceeds of $1,786,900 and has a total of 22,869,000 common shares issued and outstanding, of which 11,577,000 are currently held in escrow pursuant to the policies of the Exchange.
The net proceeds of the offering, together with the proceeds from prior sales of common shares, will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the Exchange’s capital pool company program (“CPC”).
“County Capital One’s IPO culminates our efforts to bring together the industry’s most accomplished capital market leaders to complete a series of professionally managed, well-capitalized CPCs,” commented Tyler Lang, President of the Corporation. “We look forward to bringing our significant experience and deep fundraising network to the Qualifying Transaction,” continued Robert Munro, Chief Executive Officer of the Corporation.
The Corporation's common shares were listed on the Exchange at the close of business on October 25, 2018 and it is anticipated that the common shares will commence trading on the Exchange today under the stock symbol “CCAP.P”.
Canaccord Genuity Corp. (the “Agent”) acted as agent for the initial public offering. In connection with the offering, the Corporation granted to the Agent non-transferable options to acquire up to an aggregate of 500,000 common shares (the “Agent’s Options”). Each Agent’s Option is exercisable to acquire one common share at a price of $0.10 for a period of 24 months following the date that the common shares are listed on the Exchange. In connection with the offering, the Agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the common shares, along with an administration fee of $15,000.
Following the closing of the offering, the Corporation also granted stock options to directors and officers exercisable to acquire up to an aggregate of 2,286,900 common shares and charitable options to the SickKids Foundation exercisable to acquire up to an aggregate of 228,690 common shares. Each option is exercisable to acquire one common share at a price of $0.10 at any time on or before October 26, 2028.
The current directors and officers of the Corporation are: Robert Munro, Chief Executive Officer, Chief Financial Officer and Director; Tyler Lang, President and Director; Paul Dinelle, Director; and Jeff Hergott, Corporate Secretary.
For further information please see the Corporation’s prospectus dated September 12, 2018, available under the Corporation’s profile on SEDAR at www.sedar.com.
ABOUT COUNTY CAPITAL
County Capital brings together an elite group of industry leaders with a mandate to create and complete a series of professionally managed Capital Pool Companies. For more information about County Capital and the CPC Program, please visit www.countycapital.ca.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements about the Corporation’s future plans and intentions, listing of the Common Shares on the Exchange, use of proceeds of the offering and completion of a Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
County Capital One Ltd.
Robert Munro
Telephone: 888.448.4946
Email: contact@countycapital.ca
Website: www.countycapital.ca
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.