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UNITED STATES/
TORONTO, Aug. 4, 2023
/CNW/ - EVP Capital Inc. (TSXV: EVP.P) (the "Corporation")
is pleased to announce that it has successfully completed its
initial public offering of 4,600,000 common shares of the
Corporation ("Common Shares") at a price of $0.10 per Common Share for gross proceeds of
$460,000 (the "Offering").
After completion of the Offering, the Corporation now has 8,545,200
Common Shares issued and outstanding.
Canaccord Genuity Corp. (the "Agent") acted as the agent
for the Offering and in connection therewith, the Corporation
granted the Agent an option to purchase 460,000 Common Shares at a
price of $0.10 per Common Share and
which may be exercised until August 4,
2028. In connection with the Offering, the Agent also
received a cash commission equal to 10% of the gross proceeds of
the Offering, an administrative 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 854,520 Common
Shares at an exercise price of $0.10
per Common Share to the directors and officers of the Corporation,
which options expire ten 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 TSX Venture Exchange Inc.
(the "Exchange"). On August 2,
2023, the Exchange issued a bulletin approving the listing
of the Common Shares as of 5:01 p.m.
on August 2, 2023, and immediately
halting trading pending completion of closing of the Offering. The
Common Shares will resume trading under the trading symbol "EVP.P"
on August 4, 2023. 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 THE TSX VENTURE EXCHANGE INC. NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE INC.) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE EVP Capital Inc.