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VANCOUVER, May 11 /CNW/ - Dauntless Capital Corp. (TSX-V:DTL.P) (the "Company") is pleased to announce that it has successfully completed its initial public offering (the "IPO") of 2,720,000 common shares in the capital of the Company (the "Shares") at a price of $0.10 per Share for gross proceeds of $272,000 (the "Proceeds").
Together with pre-IPO financings, the Company has raised $2,000,000 to date, the maximum permitted to be raised by a capital pool company pursuant to the policies of the TSX Venture Exchange (the "Exchange").
Jordan Capital Markets Inc. acted as agent (the "Agent") for the IPO. The Company paid the Agent a cash commission equal to 10% of the Proceeds and granted the Agent non-transferable agent's options to purchase 272,000 Shares, being equal to 10% of the number of Shares sold through the IPO, until May 10, 2012. The Agent also received a corporate finance fee of $10,000.
The Company also granted to its directors and officers incentive stock options to acquire 1,000,000 Shares at a price of $0.10 per Share, exercisable for a period of five years from the date the Shares are listed on the Exchange.
The Company is a capital pool company within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash.
The Company intends to use the net proceeds of the IPO to identify and evaluate potential Qualifying Transactions in accordance with the polices of the Exchange.
The Company anticipates its Shares will begin trading on the Exchange on May 12, 2010 under the trading symbol "DTL.P".
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's listing of its common shares on the Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE DAUNTLESS CAPITAL CORP.
For further information: For further information: Dauntless Capital Corp., William Sheriff, CEO, Telephone: (604) 648-4653