Pentagon I Capital Corp. Announces Closing of Initial Public Offering
29 June 2022 - 10:55PM
Pentagon I Capital Corp. (the “
Corporation”), is
pleased to announce that it has completed its initial public
offering (the “
Offering”) of 3,000,000 common
shares (“
Common Shares”) in the capital of the
Corporation at a purchase price of $0.10 per Common Share by way of
a prospectus for gross proceeds of $300,000.
The Corporation is a Capital Pool Company as
defined in the policies of the TSX Venture Exchange (the
“Exchange”). To date, the Corporation has not
conducted operations of any kind and has not entered into an
“Agreement in Principle”, as such phrase is defined in TSXV Policy
2.4 – Capital Pool Companies.
When combined with the Corporation’s cash
proceeds raised prior to the Offering ($140,000 in seed financing),
the Corporation has raised total gross proceeds of $440,000 and has
a total of 5,800,000 Common Shares issued and outstanding. Pursuant
to Exchange Policy 2.4 Capital Pool Companies, 2,800,000 Common
Shares and 580,000 options to purchase Common Shares are being held
in escrow. The net proceeds will be used to identify and evaluate
assets of businesses for acquisition with a view to completing a
“Qualifying Transaction” under the Capital Pool Company program of
the Exchange.
Haywood Securities Inc. (the “Agent”) acted as
agent in connection with the Offering. For its services, the Agent
received a cash commission equal to 10.0% of the aggregate gross
proceeds of the Offering. The Agent was also be granted 300,000
options to purchase Common Shares at an exercise price of $0.10 per
share for a period of the earlier of: five (5) years from the date
the Common Shares commence trading on the Exchange or one (1) year
following the date on which the common shares of a resulting issuer
commence trading on the Exchange following the completion of a
qualifying transaction.
In addition, upon closing of the Offering, the
Corporation granted an aggregate of 580,000 stock options to its
directors and officers at an exercise price of $0.10 per share for
a period of five (5) years from the date of grant, as more fully
described in the Corporation’s final prospectus dated May 13, 2022
under the heading “Options to Purchase Securities”.
It is expected that the Common Shares will
commence trading on the Exchange under the trading symbol “PNTI.P”
on June 29, 2022.
For more information, please contact Ali
Mahdavi, the President, Chief Executive Officer, Chief Financial
Officer, Corporate Secretary and a director of the Corporation.
Ali MahdaviPresident, CEO, CFO, Corporate
Secretary and DirectorE: AM@spinnakercmi.comT: (416) 962-3300
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the satisfaction of conditions and the
resumption of trading of the Corporation’s common shares.
Forward-looking statements are based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: general business,
economic, competitive, political and social uncertainties; delay or
failure to receive shareholder or regulatory approvals; and the
results of continued business development, marketing and sales.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers of this news release should not place undue reliance on
forward-looking statements. The Corporation disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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