TORONTO, March 9, 2012 /CNW/ - Wand Capital Corporation (the "Corporation"), a capital pool company, is pleased to announce that it has completed its initial public offering by issuing 4,000,000 common shares at a price of $0.10 per common share, for gross proceeds to the Corporation of $400,000 (the "Offering").
The common shares of the Corporation are expected to commence trading on the TSX Venture Exchange shortly under the trading symbol of "WNC", 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. The Corporation currently intends to pursue a Qualifying Transaction through the acquisition of real property and the reorganization into a real estate investment trust by way of a plan of arrangement.
Dundee Securities Ltd. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received an aggregate commission equal to 7% of the aggregate gross proceeds of the sale of the common shares.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
For additional information, please see the Prospectus of the Corporation dated March 5, 2012 or contact: Daniel Drimmer, Chief Executive Officer, at Tel: (416) 234-8444, [email protected], or Martin Liddell, Chief Financial Officer, at Tel: (416) 234-8444, [email protected]