Penbar Capital Ltd. Completes Initial Public Offering as a Capital Pool Company
- Written by Newsfile
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2022) - Penbar Capital Ltd. (TSXV: PEM.P) ("Penbar") is pleased to announce that it has completed its initial public offering of 2,000,000 common shares (the "IPO") raising gross proceeds of $200,000 (the "Proceeds") pursuant to a prospectus dated October 29, 2021. A total of 2,000,000 common shares in the capital of Penbar (the "Shares") were subscribed for at a price of $0.10 per Share.
Canaccord Genuity Corp. acted as agent for the IPO (the "Agent"). The Agent received a cash commission equal to 10% of the Proceeds and an administration fee as well as warrants to purchase 200,000 Shares at a price of $0.10 per share ("Agent's Warrants") for a period of 36 months from the date of the closing of the IPO.
Penbar also granted to its directors and officers incentive stock options (the "Director's Options") to acquire 400,000 Shares at a price of $0.10 per Share, exercisable for a period of ten years from the date the common shares of Penbar begin trading on the TSX Venture Exchange (the "Exchange").
Penbar is a capital pool company ("CPC") within the meaning of the policies of the Exchange. Penbar has not commenced operations and has no assets other than cash. The Shares are listed on the Exchange and are currently halted pending the satisfaction of certain customary closing conditions. Penbar expects that the halt will be lifted and that trading will commence on or about January 31, 2022 under the stock symbol PEM.P.
As a result of the IPO, Penbar now has 4,000,000 Shares issued and outstanding with 400,000 Shares reserved for issuance upon the exercise of the Directors' Options and 200,000 Shares reserved for issuance upon the exercise of the Agent's Warrants.
About Penbar
Penbar is a newly formed CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value. Except as specifically contemplated in the CPC Policy of the Exchange, until the completion of the qualifying transaction, Penbar will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a proposed qualifying transaction.
For further information, please contact:
Queenie KuangChief Financial Officer and Corporate SecretaryTelephone: (604) 688-9588
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111879[1]
References
- ^ https://www.newsfilecorp.com/release/111879 (www.newsfilecorp.com)