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.

Copyright 2022 Canada NewsWire

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