Business
Scaling Capital 1 Corp. Announces Closing of Initial Public Offering
Calgary, Alberta--(Newsfile Corp. - February 10, 2023) - Scaling Capital 1 Corp. (TSXV: SKAL.P)&#...
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[{"type":"text","content":"Scaling Capital 1 Corp. Announces Closing of Initial Public OfferingCalgary, Alberta--(Newsfile Corp. - February 10, 2023) - Scaling Capital 1 Corp. (TSXV: SKAL.P) (the \"Corporation\") announces it has completed its initial public offering (the \"Offering\") raising gross proceeds of $450,000, pursuant to a final prospectus dated November 14, 2022 (the \"Prospectus\"). A total of 4,500,000 common shares in the capital of the Corporation (\"Shares\") were subscribed for at a price of $0.10 per Share. Canaccord Genuity Corp. (the \"Agent\") acted as the agent for the Offering. The Agent received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee, reimbursement of its costs and expenses and non-transferable options to purchase up to 450,000 Shares at a price of $0.10 per Share for a period of five years from the date of closing of the Offering.The Corporation now has 17,000,000 Shares issued and outstanding, with the directors, officer and seed shareholders of the Corporation, in the aggregate, holding 12,500,000 Shares which are subject to escrow restrictions.The Corporation has also granted 1,700,000 incentive stock options to its directors and officer which are exercisable for a period of ten years from the date of the grant at an exercise price of $0.10 per Share.The net proceeds of the Offering, together with the unspent proceeds from the prior sales of Shares, will be used by the Corporation to identify and evaluate assets or business for acquisition with a view of complete a \"Qualifying Transaction\" under the TSX Venture Exchange's (the \"TSXV\") capital pool company program.The current directors of the Corporation are Kirstin McTaggart, John Wilson, and James Fox.The Shares are listed on the TSXV, are currently halt traded and the halt is expected to be lifted and trading is expected to commence during the week of February 13, 2023. For further information please see the Prospectus, available under the Corporation's profile on SEDAR at www.sedar.com. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under ...