Business
Brachium2 Capital Corp. Announces Closing of Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Brachium2 Capital Corp. (TSXV: ...
About this update from Brachium2 Capital Corp.
[{"type":"text","content":"Brachium2 Capital Corp. Announces Closing of Initial Public OfferingVancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Brachium2 Capital Corp. (TSXV: BRCB.P) (the \"Corporation\" or \"Brachium2\"), is pleased to announce that it has completed its initial public offering (the \"Offering\") of 3,000,000 common shares in the capital of the Corporation (the \"Common Shares\") at a purchase price of $0.10 per Common Share by way of a prospectus for gross proceeds of $300,000. Brachium2 is headed by a team consisting of Bryant Pike as its Chief Executive Officer, Chief Financial Officer and director, Kris Miks and Larry Nevsky, as corporate directors, and Benjamin Iscoe as its Corporate Secretary. The team will work with high quality targets seeking access to the public capital markets.The Corporation is a Capital Pool Company (as defined in the policies of the TSX Venture Exchange (the \"Exchange\")). To date, the Corporation has not conducted operations of any kind and has not entered into an \"Agreement in Principle\", as such term is defined in Exchange Policy 2.4 - Capital Pool Companies.When combined with the Corporation's cash proceeds raised prior to the Offering ($515,000 cash proceeds were raised prior to the Offering as more fully described in the Corporation's final prospectus dated May 19, 2021), the Corporation has raised total gross proceeds of $815,000 and has a total of 9,300,000 Common Shares issued and outstanding, of which 2,300,000 Common Shares are being held in escrow. The net proceeds will be used to identify and evaluate assets of businesses for acquisition with a view to completing a \"Qualifying Transaction\" under the Capital Pool Company program of the Exchange.PI Financial Corp. (the \"Agent\"), acted as agent in connection with the Offering. For its services, the Agent received a corporate finance fee of $10,000 and a cash commission of $30,000 and options, equal to 10% of the gross proceeds of the Offering, to purchase up to 300,000 Common Shares at an exercise price of $0.10 per Common Share, exercisable for a period of two (2) years from the date hereof.In addition, the Corporation granted an aggregate of 930,000 stock options to its directors and officers at an exercise price of $0.10 per share, exercisable on or before June 8, 2026. The Common Shares were admitted for trading on the Exch...