MONTREAL, Dec. 24, 2018 /CNW Telbec/ - Physinorth Acquisition Corporation Inc. ("Physinorth"), a Capital Pool Company, is pleased to announce the closing of its initial public offering of 2,551,600 Common Shares at a price of $0.15 per share for a total amount of $382,740 (the "Offering") to investors in Québec on December 21, 2018.
Jitneytrade Inc. acted as agent in connection with the Offering and received a cash commission, as well as an option to acquire 10% of the aggregate number of shares sold pursuant to the Offering for a period of 24 months from the date of listing of the common shares on the TSX Venture Exchange (the "Exchange") at an exercise price of $0.15 per common share. The Agent also received a corporate finance fee of $12,000 plus taxes and disbursements.
Physinorth has filed the requisite post-closing documentation with the Exchange in order to obtain final approval of the listing of the common shares.
The directors and officers of Physinorth are Éric Chouinard, Joseph Cianci, Jean-Robert Pronovost, Gilles Seguin and Hassan Shawwa. Detailed information regarding each director is contained within the final prospectus dated October 12, 2018, which is available to the public at www.sedar.com.
In accordance with Policy 2.4 of the Exchange, the common shares of Physinorth were admitted for trading on the Exchange under the ticker symbol PSN.P at the opening of the markets on Monday, December 24, 2018.
Physinorth intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition in view of completing a Qualifying Transaction as such term is defined in Policy 2.4 of the Exchange.
For further information, please contact:
Jean-Robert Pronovost, CEO
Physinorth Acquisition Corporation Inc.
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. Physinorth 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 Physinorth's control. Such factors include, among other things: Physinorth's ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in Physinorth's final prospectus dated October 12, 2018 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, Physinorth undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Physinorth Acquisition Corporation Inc.
For further information: Marvin Pavot, BCF, 514-397-6946, [email protected]