VANCOUVER, Oct. 23 /CNW/ - Greenscape Capital Group Inc. (the "Company") is pleased to announce that it has completed its initial public offering ("IPO") of 4,830,000 common shares, at a price of $0.50 per common share, for aggregate gross proceeds of $2,415,000. The Company's IPO offering of 4,200,000 shares was over-subscribed by the full over-allotment of 630,000 shares.
The TSX Venture Exchange (the "TSXV") has accepted the Company's Listing Application, and the Company's common shares will commence trading on the TSXV on October 23, 2009 (the "Listing Date") under the trading symbol "GRN".
Wolverton Securities Ltd. acted as lead agent on the IPO. As consideration for assisting in completing the IPO, the Company: (i) paid a 10% commission, comprising of $193,000 and 97,000 shares at $0.50 per share; (ii) paid a corporate finance fee of $31,000 (plus GST) by way of 20,000 shares at $0.50 per share, with the balance in cash; (iii) issued 8% Agent's Options to acquire 386,400 common shares of the Company exercisable at $0.50 per share for a period of two years expiring October 23, 2011 (of which 20,400 Agent's Options are subject to a hold period expiring February 22, 2010); and (iv) paid the Agent's expenses as incurred.
The Company has also issued 41,000 bonus shares ("Bonus Shares") pursuant to various loan agreements, as disclosed in the Company's prospectus dated September 30, 2009. The Bonus Shares are subject to a hold period expiring February 22, 2010.
The Company presently has 26,035,857 common shares issued and outstanding (of which 9,865,000 shares are subject to escrow restrictions). In addition to the Agent's Options, the Company has an aggregate 2,215,000 share reserved for issuance pursuant to outstanding stock options in accordance with the Company's stock option plan.
Greenscape CEO, Bryan Slusarchuk, states, "We appreciate the significant interest in the Initial Public Offering of Greenscape shares and look forward to the commencement of becoming a publicly listed company. The strong interest is reflective of a growing understanding amongst investors that sustainability and corporate responsibility will be the cornerstones of successful operations for now and into the future."
The board of directors consists of Bryan Slusarchuk (CEO), Edward Wright, Tina Hofer, Harry Kambolis, and Michael Hofer. Paul D. Plater, CA acts as the Company's CFO; and Shoni Bernard, LL.B acts as the Company's Secretary.
The Company announces it will grant 200,000 incentive stock options to Edward Wright, Director of Greenscape effective on the Listing Date. The options are exercisable at $0.50 per share and vest in accordance to the Company's approved Stock Option Plan. As well it has granted 350,000 incentive stock options to Kin Communications Inc., effective on the Listing Date. The options are exercisable at $0.50 per share, and vest according to TSXV guidelines. Kin Communications will be providing investor relations services on behalf of the Company.
ABOUT GREENSCAPE CAPITAL
Greenscape Capital Group identifies and invests in companies in the eco-friendly consumer space. Greenscape provides strategic capital and business advisory services to these companies to assist them in achieving their corporate and environmental goals. Additionally, Greenscape operates an eco-consulting company, working to help outside companies make their operations more environmentally sustainable, socially responsible and profitable.
ON BEHALF OF THE BOARD
CEO and Director
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 news release.
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 TSX Venture 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.
SOURCE GREENSCAPE CAPITAL GROUP INC.
For further information: For further information: Greenscape Capital Corp, Bryan Slusarchuk, (604) 687-7130, firstname.lastname@example.org; Investor Relations Contact, Arlen Hansen, 1-866-684-6730, email@example.com