MONTREAL, July 5, 2022
/CNW/ - Albatros Acquisition Corporation Inc. (TSXV: ALBT.P)
("Albatros" or the "Company"), a Capital Pool Company, is
pleased to announce the closing of its initial public offering of
2,723,836 common shares at a price of $0.15 per common share for total gross proceeds
of $408,574.40 (the
"Offering") to investors in Québec, Alberta, Ontario and British
Columbia on July 5, 2022.
After completion of the Offering, Albatros now has 5,057,170 common
shares issued and outstanding.
Concurrent with the closing of the Offering, Albatros also
granted options to acquire an aggregate of 272,383 common shares,
with each option granting the right to purchase one common share at
an exercise price of $0.15 per common
share to the directors and officers of the Company, which options
expire ten years from the date of grant.
Leede Jones Gable 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 48 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 $15,000 plus
taxes and disbursements. Albatros has reimbursed the Agent for its
reasonable legal fees, amounting to $27,373.88 (including disbursements and taxes
payable thereon).
Albatros has filed the requisite post-closing documentation with
the Exchange in order to obtain final approval of the listing of
the common shares.
In accordance with Policy 2.4 of the Exchange, the common
shares of Albatros were listed on the Exchange under the ticker
symbol ALBT.P at the close of business (5:01
p.m. EDT) on Monday, July 4,
2022 and will commence trading on the Exchange at the
opening on Tuesday, July 5, 2022.
Investors are cautioned that trading in the securities of a Capital
Pool Company should be considered highly speculative.
Albatros 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.
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. Albatros 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 Albatros' control. Such factors include, among
other things: Albatros' ability to identify, evaluate and complete
a Qualifying Transaction and other risks and uncertainties,
including those described in Albatros' final
prospectus dated May 31, 2022 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, Albatros undertakes no obligation to publicly update
or revise forward-looking information.
SOURCE Albatros Acquisition Corporation Inc.
