Business
WestCap Investments Corp. Completes Initial Public Offering
TSX-V: WI.P TORONTO , Feb. 7, 2014 /CNW/ - WestCap Investments Corp. (the " Compan...
About this update from R&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTSX-V: WI.P\n\n\nTORONTO, Feb. 7, 2014 /CNW/ - WestCap Investments Corp. (the \"Company\") has completed its initial public offering (the \"Offering\") pursuant to a prospectus dated January 22, 2014 (the \"Prospectus\") filed with the British Columbia, Alberta and Ontario Securities\n Commissions.  Effective at the opening of the market on February 11,\n 2014, the Company's common shares (the \"Shares\") are expected to commence trading on Tier 2 of the TSX Venture\n Exchange (the \"TSXV\") under the symbol \"WI.P\", subject to the final approval of the TSXV. \n Pursuant to the Prospectus, the Company issued 5,000,000 Shares for gross proceeds of $500,000.  Raymond James Ltd. acted as\n agent for the offering.  As compensation for acting as agent, the\n Company paid a 8% cash commission of the aggregate gross proceeds from\n the sale of the Shares, a corporate finance fee, and issued options to\n purchase up to 8% of the Shares of the Company sold in connection with\n this Offering at a price of $0.10 per Share exercisable for a period of\n 24 months from the date the Shares are posted for trading on the TSXV.\n\n\nThe Company has also granted stock options to officers and directors of\n the Company to purchase 375,000 Shares at a price of $0.10 per Share,\n exercisable for a period of five years from the date the Shares\n commence trading on the TSXV.\n\n\nThe Company is designated as a Capital Pool Company by the TSXV.  The\n Company has not commenced commercial operations and has no assets other\n than cash.  The purpose of the offering is to provide the Company with\n funds to identify and evaluate businesses or assets with a view to\n completing a Qualifying Transaction (as defined in the Prospectus). \n Any proposed Qualifying Transaction must be approved by the TSXV and,\n in the case of a non-arm's length Qualifying Transaction, must also\n receive majority approval of the minority shareholders.  Until the\n completion of a Qualifying Transaction, the Company will not carry on\n any business other than the identification and evaluation of businesses\n or assets with a view to completing a proposed Qualifying Transaction. \n For further information regarding the Company, the Offering, and the\n Company's management team, see the Prospectus filed with the Company's\n di...