TORONTO, Feb. 20 /CNW/ - QRS Capital Corp. (the "Corporation"), a capital
pool company, announced today that it has completed its initial public
offering (the "Offering") by issuing 2,000,000 common shares at a price of
$0.10 per common share, for gross proceeds to the Corporation of $200,000.
The common shares of the Corporation are expected to commence trading on
the TSX Venture Exchange shortly under the trading symbol of "QRS.P".
Canaccord Capital Corporation (the "Agent") acted as agent for the
Offering. In connection with the Offering, the Agent received an aggregate
commission equal to 10% of the aggregate gross proceeds of the sale of the
common shares. In addition, the Corporation granted to the Agent compensation
warrants entitling the Agent to purchase up to 200,000 common shares at a
price of $0.10 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 an administration fee.
The Corporation previously received gross proceeds of $100,000 from the
sale of 2,000,000 common shares to its directors, officers and insiders (the
"Founder's Shares") and $150,000 from the sale of 1,500,000 common shares (the
"Private Placement") prior to the Offering.
The net proceeds of the Offering, the Private Placement and the Founder's
Shares 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
An aggregate of 2,050,000 of the issued and outstanding common shares of
the Corporation were placed in escrow in accordance with the policies of the
TSX Venture Exchange. 2,000,000 of the common shares are held by the
Corporation's directors, officers and insiders and were issued at a price of
$0.05 per common share for an aggregate purchase price of $100,000. The
remaining 50,000 of the common shares are held by a director of the
Corporation and an associate of same and were issued at a price of $0.10 per
common share for an aggregate purchase price of $5,000.
Upon completion of the Offering, the Corporation granted a total of
550,000 stock options to its officers and directors. Each of the options is
exercisable at a price of $0.10 per common share until February 20, 2012.
The directors and officers of the Corporation are John Seaman, Director,
President, Chief Executive Officer, Chief Financial Officer and Secretary;
Paul Roberts, Director; and David Seaman, Director.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: please see the Amended and Restated Prospectus
of the Corporation dated November 21, 2008 or contact: John Seaman, President
and Chief Executive Officer at Tel: (807) 474-9898, Fax: (807) 345-9898