TORONTO, June 3 /CNW/ - Foxpoint Capital Corp. (the "Corporation"), a capital pool company, is pleased to announce that is has completed its initial public offering by issuing 1,250,000 common shares at a price of $0.20 per common share, for gross proceeds to the Corporation of $250,000 (the "Offering").
The common shares of the Corporation are expected to commence trading on the TSX Venture Exchange shortly under the trading symbol of "FXC", subject to final listing approval of the TSX Venture Exchange.
The net proceeds of the Offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSX Venture Exchange.
Haywood Securities Inc. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received an aggregate commission equal to 7.5% of the aggregate gross proceeds of the sale of the common shares. In addition, the Corporation granted to the Agent compensation options entitling the Agent to purchase up to 100,000 common shares at a price of $0.20 per common share for a period of 24 months from the date the Corporation's common shares are listed on the TSX Venture Exchange. The Agent also received a corporate finance fee.
Of the previously issued and outstanding common shares of the Corporation, 5,000,000 were placed in escrow in accordance with the policies of the TSX Venture Exchange. The shares are held by the Corporation's directors, officers and insiders and were issued at a price of $0.10 per common share for an aggregate purchase price of $500,000. Upon completion of the Offering, the Corporation granted a total of 450,000 options to its officers and directors. Each of the options is exercisable at a price of $0.20 per common share until June 3, 2015.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Foxpoint Capital Corp.
For further information: For further information: please see the Prospectus of the Corporation dated April 12, 2010 or contact: Fraser Buchan at Tel: (416) 640-1933, firstname.lastname@example.org