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TSX VENTURE EXCHANGE: XCAP.P
VANCOUVER, June 7, 2019 /CNW/ - Exelerate Capital Corp. ("Exelerate" or the "Company") (TSX Venture: XCAP.P) is pleased to announce that it intends to raise gross proceeds of up to $450,000 through a non-brokered equity private placement (the "Offering") of up to 4,500,000 common shares (the "Common Shares") of Exelerate at a price of $0.10 per Common Share, as previously set out in the Company's final prospectus regarding its initial public offering ("IPO") as a capital pool company, filed on SEDAR on April 12, 2019.
The Company intends to use the proceeds of the Offering to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction (as defined in the TSXV Corporate Finance Policy 2.4 - Capital Pool Companies).
The Offering is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The Company intends to close the Offering concurrently with the completion of its IPO.
Not for distribution to United States newswire services or for dissemination in the United States. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in the United States.
Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.
Exelerate is a CPC governed by the policies of the Exchange. Exelerate's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.
Neither 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.
Notice on Forward-Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Exelerate cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Exelerate's control. Such factors include, among other things: Exelerate's ability to complete the Offering, identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in Exelerate's final prospectus dated April 12, 2019 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Exelerate undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Exelerate Capital Corp.
For further information: please contact Mark William Kohler, CEO and Chairman of Exelerate, by email at [email protected] or by telephone at 416-209-8016.