Business
Mayfair Acquisition Corporation Announces the Closing of Its Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Mayfair Acquisition Corporatio...
About this update from Mayfair Acquisition Corp.
[{"type":"text","content":"Mayfair Acquisition Corporation Announces the Closing of Its Initial Public OfferingVancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Mayfair Acquisition Corporation (TSXV: MFA.P) (\"Mayfair\" or the \"Company\"), a capital pool company, is pleased to announce the closing of its initial public offering of 4,000,000 common shares in the capital of the Company (each a \"Common Share\") at a price of $0.10 per Common Share for a total amount of $400,000 to investors in the provinces of British Columbia, Alberta, Ontario and in certain jurisdictions outside of Canada (the \"Offering\").Haywood Securities Inc. acted as agent for Mayfair and received a remuneration of $50,000, being comprised of (i) 10% of the proceeds of the Offering and (ii) a $10,000 corporate finance fee, as well as non-transferrable warrants to purchase an aggregate of 400,000 Common Shares at an exercise price of $0.10 per Common Shares for a period of five years from the date of issuance.Mayfair also granted stock options to directors and an officer of Mayfair to acquire up to an aggregate of 813,664 Common Shares (the \"Stock Options\"). Each Stock Option is exercisable to acquire one Common Share at a price of $0.10 any time prior to April 5, 2032. Following the completion of the Offering, Mayfair has 8,136,668 Common Shares issued and outstanding, 4,136,668 of which are subject to escrow restrictions as described in Mayfair's final prospectus dated January 21, 2022 (the \"Prospectus\"). In accordance with Policy 2.4 of the TSX Venture Exchange (the \"TSX-V\"), the Common Shares were admitted for trading on the TSX-V under the ticker symbol MFA.P at the opening of market on April 5, 2022. Mayfair also announces the cancellation of 413,666 previously issued stock options to directors and an officer of the Company as previously announced in a press release dated February 15, 2022. For further information, please refer to the Prospectus, which is available to the public under Mayfair's profile on SEDAR at www.sedar.com. About the Company: Mayfair is a capital pool company (\"CPC\") within the meaning of Policy 2.4 of the TSX-V that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the CPC policies of the TSX-V, until the completion of a \"Qualifying Transaction\" (as defined therein), ...