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VANCOUVER, June 27, 2018 /CNW/ - Schooner Capital Corp.
("SCC" or the "Corporation") (TSXV: SCH.P) is pleased
to announce that it has successfully completed its initial
public offering of 2,350,000 common shares of the Corporation
("Common Shares") at a price of $0.10 per Common Share for gross proceeds of
$235,000 (the "Offering").
After completion of the Offering, the Corporation now has 4,750,000
Common Shares issued and outstanding.
PI Financial Corp. (the "Agent") acted as the agent for
the Offering and in connection therewith, the Corporation granted
the Agent non-transferable options (the "Agent's Options")
which entitle the Agent to purchase 235,000 Common Shares at an
exercise price $0.10 per Common Share
for a period of 24 months from the date the Common Shares were
first listed on the TSX Venture Exchange (the "Exchange"),
which was June 27, 2018. In
connection with the Offering, the Agent also received a cash
commission equal to 10% of the gross proceeds of the Offering, a
corporate finance fee, and was reimbursed for its legal fees and
reasonable expenses.
Concurrent with the closing of the Offering, the Corporation
also granted options to acquire an aggregate of 475,000 Common
Shares at an exercise price of $0.10
per Common Share to directors and officers of the Corporation,
which options expire five years from the date of grant.
The Corporation 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 June 25, 2018, the Exchange issued a bulletin
listing the Common Shares as of market open on June 27, 2018 and immediately halting trading
pending completion of closing (the "Exchange Bulletin"). It
is expected that the Common Shares will resume trading under the
trading symbol "SCH.P" on June 29,
2018.
Investors are cautioned that trading in the securities of a
capital pool company should be considered highly speculative.
Forward-Looking Information Cautionary Statement
Certain statements contained in this press release constitute
forward-looking information. These statements relate to
future events or the Corporation's future performance. The
use of any of the words "could", "expect",
"believe", "will", "projected",
"estimated" and similar expressions and statements relating
to matters that are not historical facts are intended to identify
forward-looking information and are based on the Corporation's
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ
materially. In particular, the Corporation's stated use of
proceeds and its expectation as to the resumption of trading of the
Common Shares on the Exchange constitute forward-looking
information. Actual results and developments may differ
materially from those contemplated by forward-looking
information. Readers are cautioned not to place undue
reliance on forward-looking information. The statement made in this
press release are made as of the date hereof. The Corporation
disclaims any intention or obligation to publicly update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities laws.
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 Schooner Capital Corp.
