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TSX VENTURE EXCHANGE: XCAP.P
VANCOUVER, June 7, 2019 /CNW/ - Exelerate Capital Corp. (the "Company") (TSX Venture: XCAP.P) is pleased to announce that it has completed its initial public offering (the "IPO") as a capital pool company ("CPC").
On June 7, 2019, the Company completed the IPO of 3,000,000 common shares at a price of $0.10 per share for gross proceeds to the Company of $300,000 to purchasers in Alberta, British Columbia and Ontario. Haywood Securities Inc. acted as sole lead agent in respect of the offering and received a cash commission, a corporate finance fee and an option to acquire 8% of the aggregate number of shares sold pursuant to the offering for a period of 12 months from the completion of the IPO. The Company filed the requisite post-closing documentation with the TSX Venture Exchange (the "Exchange") to obtain final approval of the listing of the common shares.
Concurrently with the IPO, the Company completed a non-brokered private placement of 4,500,000 common shares at $0.10 per share to raise gross proceeds of $450,000 (the "Private Placement"). No commission or other fees will be paid with respect to the Private Placement.
The Company also granted stock options for an aggregate of 1,180,000 common shares at an exercise price of $0.10 per share to the directors and officers of the Company, which will expire 10 years from the date of grant.
About the Company
The Company is a CPC pursuant to Policy 2.4 of the Exchange (the "CPC Policy"). Except as specifically contemplated in the CPC Policy, until the completion of its Qualifying Transaction (as defined in the CPC Policy), the Company will not carry on business, other than to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction.
The directors and officers of the Company are Mark William Kohler, Sean Carr, Barry Cameron Richards, Dr. Myrna Francis and Sheldon Pollack. Detailed information regarding each director and officer is listed in the final prospectus dated April 12, 2019, which is available to the public at www.sedar.com.
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.
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.
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. The Company 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 the Company's control. Such factors include, among other things: the Company's ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in the Company'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, the Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Exelerate Capital Corp.
For further information: Mark William Kohler, CEO and Chairman, Tel: 416-209-8016