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Red River Capital Corp. Announces Closing of Initial Public Offering
Red River Capital Corp. Announces Closing of Initial Public Offering Canada NewsWi...
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[{"type":"text","content":"\n\n\n\nRed River Capital Corp. Announces Closing of Initial Public Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 26, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, July 26, 2018 /CNW/ - Red River Capital Corp. (\"Red River Capital\" or the \"Corporation\") (TSXV: XBT.P) is pleased to announce that it has successfully completed its initial public offering of 3,000,000 common shares of the Corporation (\"Common Shares\") at a price of $0.10 per Common Share for gross proceeds of $300,000 (the \"Offering\"). After completion of the Offering, the Corporation now has 5,500,000 Common Shares issued and outstanding.\n\nCanaccord Genuity Corp. (the \"Agent\") acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent warrants (the \"Agent's Warrants\") which entitle the Agent to purchase up to 300,000 Common Shares at an exercise price of $0.10 per Common Share. The Agent's Warrants will expire 24 months from the date the Common Shares are listed on the TSX Venture Exchange (the \"Exchange\"), which is July 25, 2018. The Agent also received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee of $12,500 and was reimbursed for its legal fees and reasonable expenses.\n\nConcurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 550,000 Common Shares at an exercise price of $0.10 per Common Share to the directors and officers of the Corporation, which options expire five years from the date of grant. \n\nThe Corporation is a \"capital pool company\" 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 July 23, 2018 the Exchange issued a bulletin approving the listing of the Common Shares (the \"Exchange Bulletin\"). As per the Exchange Bulletin the Common Shares commenced ...