VANCOUVER, Jan. 23, 2019 /CNW/ - Danacore Industries Inc. (the "Corporation") (TSX-V: DANA.P), a capital pool company, is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 7,500,000 common shares (the "Shares") for gross proceeds of $750,000 through its agent, Canaccord Genuity Corp. (the "Agent"). In connection with the Offering, the Agent received a cash commission equal to 10% of the gross proceeds of the Offering. In addition, the Corporation granted to the Agent non-transferable options to purchase up to 750,000 Shares at a price of $0.10 per Share and which may be exercised until January 23, 2021. The Agent was also paid an administration fee for its services in connection with the Offering.
The board of directors of the Corporation consists of Mark Orsmond, Vincent Cummings, Matthew Henderson and Hamed Shahbazi. The Corporation's Chief Financial Officer is Brian Levinkind.
An aggregate of 500,000 stock options have also been granted to the directors and officers of the Corporation to acquire Shares of the Corporation at an exercise price of $0.10 per Share which may be exercised until April 30, 2028, subject to the Corporation's stock option plan.
The Corporation is also pleased to announce that it has received approval of its application to list its common shares on the TSX Venture Exchange ("TSX-V"). The Corporation's common shares were listed on the TSX-V on January 23, 2019 and immediately halted pending closing of the Offering. The Corporation's common shares are expected to commence trading on the TSX-V on January 25, 2019 under the trading symbol "DANA.P".
On behalf of the board of directors:
Danacore Industries Inc.
Per: "Mark Orsmond"
President, CEO, Secretary and Director
INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE. 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.
SOURCE Danacore Industries Inc.