Business
Exelerate Capital Corp. completes initial public offering and non-brokered private placement
Exelerate Capital Corp. completes initial public offering and non-brokered private placeme...
About this update from Exelerate Capital Corp.
[{"type":"text","content":"\n\n\n\nExelerate Capital Corp. completes initial public offering and non-brokered private placement\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\nVANCOUVER, June 7, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./  \nTSX VENTURE EXCHANGE: XCAP.P                                     \n VANCOUVER, June 7, 2019 /CNW/ - Exelerate Capital Corp. (the \"Company\") (TSX Venture: XCAP.P) is pleased to announce that it has completed its initial public offering (the \"IPO\") as a capital pool company (\"CPC\").\nOn June 7, 2019, the Company completed the IPO of 3,000,000 common shares at a price of $0.10 per share for gross proceeds to the Company of $300,000 to purchasers in Alberta, British Columbia and Ontario. Haywood Securities Inc. acted as sole lead agent in respect of the offering and received a cash commission, a corporate finance fee and an option to acquire 8% of the aggregate number of shares sold pursuant to the offering for a period of 12 months from the completion of the IPO. The Company filed the requisite post-closing documentation with the TSX Venture Exchange (the \"Exchange\") to obtain final approval of the listing of the common shares.\nConcurrently with the IPO, the Company completed a non-brokered private placement of 4,500,000 common shares at $0.10 per share to raise gross proceeds of $450,000 (the \"Private Placement\"). No commission or other fees will be paid with respect to the Private Placement.\nThe Company also granted stock options for an aggregate of 1,180,000 common shares at an exercise price of $0.10 per share to the directors and officers of the Company, which will expire 10 years from the date of grant.\nAbout the Company\nThe Company is a CPC pursuant to Policy 2.4 of the Exchange (the \"CPC Policy\"). Except as specifically contemplated in the CPC Policy, until the compl...