TORONTO, Sept. 25, 2018 (GLOBE NEWSWIRE) -- 9 Capital Corp. (the “Company”) is pleased to announce that it has completed an initial public offering (the “Offering”) pursuant to which it has issued an aggregate of 3,720,500 common shares (“Common Shares”) at a price of $0.10 per Common Share to raise aggregate gross proceeds of $372,050, all pursuant to a final prospectus dated August 10, 2018 (the “Prospectus”). PI Financial Corp. (the “Agent”) acted as agent in the Offering, on a commercially reasonable efforts basis, in connection with which it received a cash commission of $37,205, a corporate finance fee and an aggregate of 372,050 compensation options, each such compensation option entitling the holder to acquire one Common Share at an exercise price of $0.10 expiring 24 months from the date that the Common Shares are listed on the TSX Venture Exchange (the “TSXV”).
Upon closing of the Offering and as disclosed in the Prospectus, the Company granted 1,192,050 incentive stock options to its President and Chief Executive Officer, Chief Financial Officer and directors which are exercisable for a period of five years from the date of the grant at an exercise price of $0.10 per Common Share. Following the completion of the Offering, the Company has 11,920,501 Common Shares issued and outstanding, 8,200,001 of which are subject to escrow restrictions as disclosed in the Prospectus. Trading of the Common Shares on the TSXV is anticipated to commence at the opening of business today under the symbol “NCPL.P”.
About the Company
The Company is a capital pool company ("CPC") within the meaning of the policies of the TSXV that has not commenced commercial operations and has no assets other than cash. The board of directors of the Company consists of Ben Cubitt, Sean Kallir, Dan Sternberg and David D’Onofrio. The officers of the Corporation are Ben Cubitt and Vic Hugo. Except as specifically contemplated in the CPC policies of the TSXV, until the completion of its “Qualifying Transaction” (as defined therein), 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:
Mr. Ben Cubitt
President and Chief Executive Officer.
Tel. (416) 479-5048
NEITHER THE 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.
Forward Looking Information
This news release contains statements about the Company’s expectations regarding the completion of the application for listing and the commencement of trading on the TSXV that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the TSXV. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, 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 on the TSXV and inability to obtain required regulatory approvals. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.