SHARES TO COMMENCE TRADING ON TSX–V ON NOVEMBER 2, 2020 – SYMBOL "KDSX"
VANCOUVER, BC, Oct. 29, 2020 /CNW/ - Kadestone Capital Corp. ("Kadestone" or the "Company"), was established to pursue the investment in, development, acquisition, and management of residential and commercial income producing properties within major urban centres and high-growth, emerging markets in Canada. The Company announced today the successful closing of its initial public offering (the "Offering") and cornerstone placement (the "Cornerstone Placement") of common shares of the Company ("Common Shares"). Kadestone issued 8,306,450 Common Shares pursuant to the Offering and 9,200,000 Common Shares pursuant to the Cornerstone Placement at a price of $0.80 per Common Share for total gross proceeds of $14,005,160.
The Common Shares will be listed on the TSX Venture Exchange under the symbol "KDSX".
Brent Billey, CEO of Kadestone said, "Completing this IPO is an exciting milestone for Kadestone. We have assembled an exceptional group of Board Directors and Strategic Partners that will guide and enable the Company to accelerate its presence and execute on the opportunities presented in the marketplace today."
Leede Jones Gable Inc. ("Leede"), acted as Kadestone's agent in respect of the Offering. Kadestone paid Leede an aggregate cash commission of $450,000. In addition, Kadestone issued Leede a non– transferable compensation option entitling Leede to purchase 415,322 Common Shares at a price of $0.80 per Common Share until October 29, 2022. In connection with closing of the Offering, Leede also received a corporate finance fee of $50,000 plus GST. The net proceeds of the Offering and Cornerstone Placement will be directed primarily to paying the remaining purchase price of the Company's Kyle Road property, unidentified expenditures related to future property investments and general and administrative expenses. The Common Shares issued pursuant to the Cornerstone Placement are subject to a hold period of four months and one day following the date of issuance. Blake, Cassels & Graydon LLP acted as legal counsel to the Company and Harper Grey LLP acted as legal counsel to Leede.
About Kadestone
Kadestone Capital Corp. was established to pursue the investment in, development, acquisition, and management of residential and commercial income producing properties within major urban centres and high-growth, emerging markets in Canada. Additional information can be found at www.kadestone.com.
Forward-Looking Statements
This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Such forward-looking statements and information herein include, but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "believe", "estimate", or "predict" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward–looking statements. Forward-looking statements include, without limitation, the Company's ability to execute on its business strategy to co-invest, develop or re-develop a portfolio of income producing properties in primary and secondary Canadian markets and the listing of or timing of the listing of the Company's shares on the TSX Venture Exchange.
Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: the Company's ability to manage the effects of the COVID-19 pandemic; the Company's ability to continue as a going concern; the Company's ability to realize its growth targets, the Company's ability to access sufficient capital and financing and the Company's ability to maintain and control Strategic Alliances.
Many factors could cause the Company's actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward–looking statements, including, without limitation, the impact of the COVID-19 pandemic, the Company's ability to retain key personnel; the Company's ability to execute on expansion plans; the Company's ability to execute on additional acquisition opportunities, the Company's ability to continue investing in infrastructure to support growth, the ability to obtain and maintain existing financing on acceptable terms and other factors set forth in the "Risk Factors" section of the Company's prospectus dated September 2, 2020, which can be found on SEDAR.com including the Company's Management Discussion and Analysis included therein. Readers should not place undue reliance on forward–looking statements made in this news release. Furthermore, unless otherwise stated, the forward–looking statements contained in this document are made as of the date of this news release, and the Company has no intention and undertakes no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward–looking statements contained in this document are expressly qualified by this cautionary statement.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE Kadestone Capital Corp.
David Negus, CFO, Kadestone Capital Corp., [email protected]
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