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TORONTO, May 7 /CNW/ - MillenMin Ventures Inc. (the "Corporation") is pleased to announce that it has completed its initial public offering of 2,000,000 common shares, at a price of $0.10 per common share, for aggregate gross proceeds of $200,000 (the "IPO") and will file its final application for listing as a Capital Pool Company on the TSX Venture Exchange (the "Exchange"). The common shares of the Corporation have been conditionally approved for listing on the Exchange and are expected to begin trading within the next two weeks under the trading symbol "MVM.P".
As a result of the closing of the IPO, the Corporation now has 4,000,000 common shares issued and outstanding, with the directors and officers of the Corporation in aggregate holding 2,000,000 common shares which are subject to escrow restrictions.
Leede Financial Markets Inc. ("Leede") acted as agent on the IPO. Leede received a corporate finance fee, and a cash commission equal to 10% of the gross proceeds of the offering and a non-transferable option to acquire 200,000 common shares of the Corporation at an exercise price of $0.10 per share for a period of 24 months from the date the Corporation's common shares commence trading on the Exchange.
The Corporation has also granted incentive stock options to acquire an aggregate of 400,000 common shares at an exercise price of $0.10 per option to the directors and officers of the Corporation, which expire 5 years from the date of grant.
The Corporation is a capital pool company (CPC) governed by the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The business objective of the Corporation is to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction approved by the Exchange. Additional documents relating to the Corporation and the IPO are available to the public on SEDAR at www.sedar.com.
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.
SOURCE MillenMin Ventures Inc.
For further information: For further information: Yunkai (Kent) Cai, Secretary and Director, Telephone: (416) 366-1888, firstname.lastname@example.org; John H. Paterson, Chief Executive Officer, CFO and Director, Telephone: (416) 931-7215, email@example.com