Gegs Capital Corp. Announces Closing of Initial Public Offering
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES
CALGARY, Alberta, Dec. 10, 2018 (GLOBE NEWSWIRE) — Gegs Capital Corp. (the “Corporation“), a capital pool company, is pleased to announce that it has submitted all materials for final listing approval for its common shares to the TSX Venture Exchange (the “Exchange“) and on December 10, 2018 closed its initial public offering of 4,592,000 common shares at $0.10 per share for aggregate gross proceeds of $459,200 (the “Offering“) through Canaccord Genuity Corp. (the “Agent“), which acted as agent for the Corporation.
Upon closing of the Offering, the Corporation granted 1,459,200 incentive stock options to its directors and officers, which options are exercisable within ten years from the date of grant at an exercise price of $0.10 per share. In addition, the Corporation granted an aggregate of 459,200 options to the Agent, which options are exercisable until 24 months after the date of listing of the common shares of the Corporation on the Exchange at an exercise price of $0.10 per share. Following completion of the Offering, the Corporation now has 14,592,001 common shares issued and outstanding (10,000,001 of which are subject to escrow restrictions).
The only business of the Corporation is the identification and evaluation of assets or businesses with a view to completing a “Qualifying Transaction” as defined by the policies of the Exchange and the funds raised under the Offering will be used to pursue such. On December 6, 2018, the Exchange issued a bulletin stating that the Corporation’s common shares would be listed on the Exchange as of market open on December 10, 2018 and that trading would be immediately halted pending completion of closing. The Corporation expects that its common shares will resume trading under the trading symbol “GEGS.P” on or about December 12, 2018.
For further information, contact:
W. Scott McGregor
Chief Executive Officer
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.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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.