Reem Capital Corp. Announces Closing of Initial Public Offering

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[{"type":"text","content":"Reem Capital Corp. Announces Closing of Initial Public OfferingCalgary, Alberta--(Newsfile Corp. - February 11, 2022) - Reem Capital Corp. (TSXV: REEM) (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 7,900,000 Common Shares issued and outstanding.Research Capital Corporation (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 holder to purchase an aggregate of 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 are listed on the TSX Venture Exchange (the \"Exchange\"). In connection with the Offering, the Agent also received $15,000 representing a non-refundable corporate finance fee.Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 790,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire five 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 February 9, 2022, the Exchange issued a bulletin for the listing of the Common Shares as of market open on February 11, 2022, and immediately halting trading pending completion of closing. The Common Shares are expected to resume trading under the trading symbol \"REEM\" on February 16, 2022.Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.For further information, please contact: Reem Capital Corp.Arthur Kwan - Chief Executive Officer, and DirectorEmail: [email protected] Forward-Looking Information Cautionary StatementCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Corpo...

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