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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.
CALGARY,
AB, Dec. 13, 2022 /CNW/ - Auka Capital Corp.
("Auka" or the "Company") (TSXV: AUK.P) is
pleased to announce that on December 13,
2022, it has successfully completed its initial public
offering ("Offering"), raising gross proceeds of
$750,000 pursuant to a prospectus
dated September 15, 2022. An
aggregate of 7,500,000 common shares in the capital of the Company
(the "Shares") were subscribed for at a price of
$0.10 per Share.
Canaccord Genuity Corp. (the "Agent") acted as the agent
for the Offering. The Agent received a cash commission equal
to 10% of the gross proceeds of the Offering and Share purchase
warrants entitling the Agent to purchase up to 750,000 Shares at a
price of $0.10 per Share for a period
of 5 years from the date of listing of the Shares on the TSX
Venture Exchange (the "Exchange").
The Company is a "capital pool company" and intends to use the
net proceeds of the Offering to identify and evaluate assets or
businesses for acquisition with a view to completing a "Qualifying
Transaction" under the policies of the Exchange. On December 8, 2022, the Exchange issued a bulletin
announcing the listing of the Shares as of market open on
December 12, 2022 and immediately
halting trading pending completion of closing of the Offering. The
Shares will resume trading under the trading symbol "AUK.P"
on or about December 16, 2022.
Upon closing of the Offering, Auka granted 1,250,000 stock
options to its directors and officers which are exercisable within
ten years from the date of the grant at an exercise price of
$0.10 per Share. As a result of the
closing of its initial public offering, Auka now has 12,500,000
Shares issued and outstanding (5,000,000 of which are subject to
escrow restrictions).
About the Company
Auka is a capital pool company ("CPC") within the meaning
of the policies of the Exchange that has not commenced commercial
operations and has no assets other than cash. The board of
directors of the Company consists of Robert
Cole, Michael Kaiser,
Frank Y. Sur, Dave Muddle, Jeff
Lloyd, Ralf Kaiser and
Jay Baraniecki. The officers
of the Company are Robert Cole,
President and Chief Executive Officer, Michael Kaiser, Chief Financial Officer and
Frank Y. Sur, Corporate Secretary.
Except as specifically contemplated in the Exchange's CPC policy,
until the completion of its Qualifying Transaction, the Company
will not carry on business, other than the identification and
evaluation of companies, business or assets with a view to
completing a proposed Qualifying Transaction.
Forward Looking Information
This news release contains statements about Auka's expectations
regarding the completion of the application for listing, and the
commencement of trading, on the Exchange that are forward-looking
in nature and, as a result, are subject to certain risks and
uncertainties, such as statements regarding a potential target
company for a qualifying transaction. Although Auka believes that
the expectations reflected in these forward-looking statements are
reasonable, as Auka assumes it will be able to fulfill the terms of
the conditional listing approval granted by the Exchange and
intends to operate its business in accordance with management's
statements, undue reliance should not be placed on them as actual
results may differ materially from the forward-looking statements.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include the failure to
fulfill the continuing conditions of listing on the Exchange and
the inability to find an appropriate target company through which
to complete a qualifying transaction. The forward-looking
statements contained in this news release are made as of the date
hereof, and Auka undertakes no obligation to update publicly or
revise any forward-looking statements or information, except as
required by law.
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 news release.
SOURCE Auka Capital Corp.
