SHARES TO COMMENCE TRADING ON TSX–V ON NOVEMBER 2, 2020 – SYMBOL "KDSX"
VANCOUVER, BC, Oct. 29, 2020 /CNW/ - Kadestone Capital Corp.
("Kadestone" or the "Company"), was established to pursue the
investment in, development, acquisition, and management of
residential and commercial income producing properties within major
urban centres and high-growth, emerging markets in Canada. The Company announced today the
successful closing of its initial public offering (the "Offering")
and cornerstone placement (the "Cornerstone Placement") of common
shares of the Company ("Common Shares"). Kadestone issued 8,306,450
Common Shares pursuant to the Offering and 9,200,000 Common Shares
pursuant to the Cornerstone Placement at a price of $0.80 per Common Share for total gross proceeds
of $14,005,160.
The Common Shares will be listed on the TSX Venture Exchange
under the symbol "KDSX".
Brent Billey, CEO of Kadestone
said, "Completing this IPO is an exciting milestone for Kadestone.
We have assembled an exceptional group of Board Directors and
Strategic Partners that will guide and enable the Company to
accelerate its presence and execute on the opportunities presented
in the marketplace today."
Leede Jones Gable Inc. ("Leede"), acted as Kadestone's agent in
respect of the Offering. Kadestone paid Leede an aggregate cash
commission of $450,000. In addition,
Kadestone issued Leede a non– transferable compensation option
entitling Leede to purchase 415,322 Common Shares at a price of
$0.80 per Common Share until
October 29, 2022. In connection with
closing of the Offering, Leede also received a corporate finance
fee of $50,000 plus GST. The net
proceeds of the Offering and Cornerstone Placement will be directed
primarily to paying the remaining purchase price of the Company's
Kyle Road property, unidentified expenditures related to future
property investments and general and administrative expenses. The
Common Shares issued pursuant to the Cornerstone Placement are
subject to a hold period of four months and one day following the
date of issuance. Blake, Cassels & Graydon LLP acted as legal
counsel to the Company and Harper Grey LLP acted as legal counsel
to Leede.
About Kadestone
Kadestone Capital Corp. was
established to pursue the investment in, development, acquisition,
and management of residential and commercial income producing
properties within major urban centres and high-growth, emerging
markets in Canada. Additional
information can be found at www.kadestone.com.
Forward-Looking Statements
This press release may
contain forward-looking information and forward-looking statements
within the meaning of applicable securities legislation. Such
forward-looking statements and information herein include, but are
not limited to, the Company's current and future plans,
expectations and intentions, results, levels of activity,
performance, goals or achievements, or any other future events or
developments constitute forward-looking statements, and the words
"may", "will", "would", "should", "could", "expect", "plan",
"intend", "believe", "estimate", or "predict" or the negative or
other variations of these words or other comparable words or
phrases, are intended to identify forward–looking statements.
Forward-looking statements include, without limitation, the
Company's ability to execute on its business strategy to co-invest,
develop or re-develop a portfolio of income producing properties in
primary and secondary Canadian markets and the listing of or timing
of the listing of the Company's shares on the TSX Venture
Exchange.
Forward-looking statements are based on estimates and
assumptions made by the Company in light of management's experience
and perception of historical trends, current conditions and
expected future developments, as well as other factors that we
believe are appropriate and reasonable in the circumstances. In
making forward-looking statements, the Company has relied on
various assumptions, including, but not limited to: the Company's
ability to manage the effects of the COVID-19 pandemic; the
Company's ability to continue as a going concern; the Company's
ability to realize its growth targets, the Company's ability to
access sufficient capital and financing and the Company's ability
to maintain and control Strategic Alliances.
Many factors could cause the Company's actual results, level of
activity, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward–looking statements, including, without limitation,
the impact of the COVID-19 pandemic, the Company's ability to
retain key personnel; the Company's ability to execute on expansion
plans; the Company's ability to execute on additional acquisition
opportunities, the Company's ability to continue investing in
infrastructure to support growth, the ability to obtain and
maintain existing financing on acceptable terms and other factors
set forth in the "Risk Factors" section of the Company's prospectus
dated September 2, 2020, which can be
found on SEDAR.com including the Company's Management Discussion
and Analysis included therein. Readers should not place undue
reliance on forward–looking statements made in this news release.
Furthermore, unless otherwise stated, the forward–looking
statements contained in this document are made as of the date of
this news release, and the Company has no intention and undertakes
no obligation to update or revise any forward–looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. The forward–looking
statements contained in this document are expressly qualified by
this cautionary statement.
Neither the 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. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This news release does not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale or any acceptance of an offer to buy these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
SOURCE Kadestone Capital Corp.