Business
High Mountain 2 Capital Corporation Announces Closing of Initial Public Offering
Calgary, Alberta--(Newsfile Corp. - November 5, 2020) - High Mountain 2 Capital Corporation (T...
About this update from High Mountain 2 Capital Corp.
[{"type":"text","content":"High Mountain 2 Capital Corporation Announces Closing of Initial Public OfferingCalgary, Alberta--(Newsfile Corp. - November 5, 2020) - High Mountain 2 Capital Corporation (TSXV: HMCC.P) (the \"Corporation\") is pleased to announce that it has successfully completed its initial public offering of 3,500,000 common shares of the Corporation (\"Common Shares\") at a price of $0.10 per Common Share for gross proceeds of $350,000 (the \"Offering\"). After completion of the Offering, the Corporation now has 5,700,000 Common Shares issued and outstanding.Haywood Securities Inc. (the \"Agent\") acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent non-transferable warrants (the \"Agent's Warrants\") which entitle the Agent to purchase up to 350,000 Common Shares at an exercise price $0.10 per Common Share. The Agent's Warrants will expire 24 months from the date the Common Shares were listed on the TSX Venture Exchange (the \"Exchange\"), which was November 5, 2020. In connection with the Offering, the Agent also received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee and was reimbursed for its legal fees and reasonable expenses. Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 570,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire ten years from the date of grant. The 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 November 5, 2020, the Exchange issued a bulletin listing the Common Shares as of market open on November 5, 2020 and immediately halted trading pending completion of closing of the Offering (the \"Exchange Bulletin\"). The Corporation expects that the Common Shares will resume trading under the trading symbol \"HMCC.P\" on or about November 9, 2020.Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.For further information, please contact: High Mountain 2 Capital CorporationBill Kanters - President, Chief Executive Officer, and Di...