HALIFAX, Sept. 12, 2016 /CNW/ - Northwest Arm Capital Inc. (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering (the "Offering") of 3,000,000 common shares at a price of $0.10 per common share for gross proceeds to the Company of $300,000. Haywood Securities Inc. acted as agent for the Offering and was paid a cash commission of $30,000, equal to 10% of the gross proceeds, and was granted a non-transferable option (the "Agent's Option") to purchase 300,000 common shares of the Company, equal to 10% of the number of common shares sold under the Offering. The Agent's Option is exercisable for a period of 24 months at a price of $0.10 per common share. The Offering was made by prospectus dated August 19, 2016, a copy of which may be obtained on SEDAR at www.sedar.com.
The Company's common shares have been conditionally approved for listing on the TSX Venture Exchange (the "Exchange"). The Company expects its common shares will commence trading on the Exchange today under the symbol 'NWA.P'.
The net proceeds of the Offering will be used 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 Exchange as disclosed in the Company's prospectus dated August 19, 2016.
Certain information in this press release may contain forward-looking statements, such as statements regarding future plans and objectives. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Northwest Arm Capital Inc.
For further information: Daniel Whittaker, Director, Chief Executive Officer and Chief Financial Officer, T: (902) 488-4700