Business
PC 1 CORP. Announces Closing of Initial Public Offering
Toronto, Ontario--(Newsfile Corp. - December 2, 2021) - PC 1 CORP. (TSXV: PCAA.P) (the "Corp...
About this update from Pc 1 Corp
[{"type":"text","content":"PC 1 CORP. Announces Closing of Initial Public OfferingToronto, Ontario--(Newsfile Corp. - December 2, 2021) - PC 1 CORP. (TSXV: PCAA.P) (the \"Corporation\" or \"PC 1\"), is pleased to announce that it has completed its initial public offering (the \"Offering\") today of 5,000,000 common shares in the capital of the Corporation (\"Common Shares\") at a purchase price of $0.10 per Common Share by way of a prospectus for gross proceeds of $500,000.\"The successful completion of our IPO represents an important step in PC 1's goal of delivering superior shareholder returns\" commented Aaron Eisenberg, CEO, CFO, Corporate Secretary, and Director of the Corporation. \"With a team of dedicated and disciplined industry professionals including the founders of Plaza Capital, PC 1 looks forward to identifying quality targets in high growth industries seeking access to the public capital markets,\" Eisenberg further stated. 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 ($255,000 in seed financing as more fully described in the Corporation's prospectus dated October 19, 2021), the Corporation has raised total gross proceeds of $755,000 and has a total of 10,100,000 Common Shares issued and outstanding, of which 5,100,000 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.Research Capital Corporation (the \"Agent\") acted as the sole agent and sole bookrunner in connection with the Offering. For its services, the Agent received a cash commission equal to 10% of the gross proceeds of the Offering as well as options to purchase up to 500,000 Common Shares at an exercise price of $0.10 per Common Share, exercisable within five years from the listing of the Common Shares on the Exchange. The Corporation also paid a work fee of $25,000 to the Agent, by issuing 250,000 Common Shares to the Agent. In addition, the Corpor...