VANCOUVER, BC, Sept. 10, 2021 /CNW/ - Endurance Capital
Corp. ("Endurance" or the "Company") (TSXV:
ECAP.P) is pleased to announce that it has completed its initial
public offering of 4,000,000 common shares in the capital of the
Company (the "Shares") at $0.10 per Share for gross proceeds of
$400,000 (the "Offering")
pursuant to a final prospectus dated July
21, 2021 (the "Prospectus") filed with the
British Columbia, Alberta and Ontario Securities
Commissions. The Company's Shares are expected to commence
trading as a Capital Pool Company on Tier 2 of the TSX Venture
Exchange (the "TSXV") on September
13, 2021 under the symbol ECAP.P.
Haywood Securities Inc. (the "Agent") acted as agent for
the Offering. Pursuant to the Offering, the Company
compensated the Agent and members of its selling group as follows:
(1) $28,000 cash commission, (2)
$10,000 corporate finance fee, and
(3) warrants to purchase up to 280,000 Shares of the Company (the
"Agent's Warrants") at a price of $0.10 per Share exercisable for a period of 24
months from the closing date of the Offering.
As disclosed in the Prospectus, the Company completed a
non-brokered private placement (the "Sidecar") pursuant to
which it issued 2,000,000 Shares at a price of $0.10 per Share for gross proceeds of
$200,000. All Shares issued in
connection with the Sidecar are subject to a statutory 4-month hold
period expiring on January 10,
2022.
At the closing of the Offering, the Company also granted stock
options (the "Options") to directors of the Company to
acquire up to an aggregate of 1,200,000 Shares. Each Option is
exercisable to acquire one Share at a price of $0.10 any time prior to September 9, 2031. The Options are subject to
escrow restrictions as disclosed in the Prospectus.
Following the completion of the Offering and Sidecar, the
Company has 13,600,000 Shares outstanding (7,650,000 of which are
subject to escrow restrictions as disclosed in the Prospectus) and
280,000 Shares are reserved for issuance upon exercise of the
Agent's Warrants and 1,200,000 Shares are reserved for issuance
upon exercise of the Options.
The board of directors of the Company consists of Darren Seed, Issa
Nakhleh and David Demers.
About Endurance Capital Corp.
Endurance is designated as a Capital Pool Company under TSXV
Policy 2.4. Endurance has not commenced commercial operations
and has no assets other than cash. The purpose of the
Offering is to provide Endurance with funds to identify and
evaluate businesses or assets with a view to completing a
Qualifying Transaction (as defined in the Prospectus). Any proposed
Qualifying Transaction must be approved by the TSXV and, in the
case of a non-arm's length Qualifying Transaction, must also
receive majority approval of the minority shareholders. Until
the completion of a Qualifying Transaction, the Company will not
carry on any business other than the identification and evaluation
of businesses or assets with a view to completing a proposed
Qualifying Transaction.
For further information regarding the Company, the Offering, and
the Company's management team, please contact Darren Seed at (604) 493-2004 and see the
Prospectus filed with the Company's disclosure documents on SEDAR
at www.sedar.com.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Forward-looking
statements in this news release include, but are not limited to,
the Company's anticipated trading date on the TSXV and the ability
of the Company to complete a Qualifying Transaction. Any number of
factors could cause actual results to differ materially from these
forward-looking statements as well as future results. Although the
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes
in factors affecting such forward looking statements or
otherwise.
SOURCE Endurance Capital Corp.
