Prospect Park Closes Private Placement and Announces Changes
Prospect Park Closes Successful Private Placement
Prospect Park Capital Corp. (the “Company”) has successfully closed a non-brokered private placement, securing gross proceeds of $165,000. This achievement came through the issuance of 165,000,000 Common Shares at a price of $0.001 per share. The Company plans to use these funds for various operational needs, including general and administrative expenses.
Participation from Directors Enhances Confidence
It’s worth noting that three out of the four directors participated in this private placement. This involvement qualifies as a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”). Fortunately, since the Company's securities are not listed on a specified stock exchange, the transactions were exempt from the formal valuation and minority shareholder approval requirements outlined in MI 61-101.
Leadership Changes and Board Composition
The Company’s current board of directors includes James Greig, Toby Pierce, Alla Krutous, and Ivan Riabov. In addition, the audit committee comprises James Greig, Toby Pierce, and Alla Krutous. Mr. Riabov has stepped into the role of Chief Financial Officer. The Company appreciates the contributions of former director Anthony Zelen and Malcolm Davidson, the previous Chief Financial Officer, for their hard work and dedication during challenging times.
Appointment of New Auditor
As part of its ongoing operational strategy, the Company has appointed Horizon Assurance LLP as its new auditor, effective immediately. This change follows the regulatory framework and acknowledges the service of DNTW Toronto LLP in the past. The necessary documentation has been filed to maintain transparency and compliance with standards.
Annual General and Special Shareholders’ Meeting Announced
Looking ahead, the Company has scheduled an annual general and special shareholders' meeting for July 21, 2025. During this meeting, management will request shareholder approval for a share consolidation, confirm amendments to By-Law No. 1, and seek approval for a new equity incentive plan. More details will be made available in the management information circular in advance of the meeting.
Company Contact Information
For inquiries or further information, please reach out to:
James Greig
Chief Executive Officer
Prospect Park Capital Corp.
Tel: (778) 788-2745
Frequently Asked Questions
What is the amount raised from the private placement?
The private placement raised a total of $165,000 through the issuance of 165,000,000 Common Shares.
Who participated in the private placement?
Three of the four directors of the Company participated, marking it as a related party transaction.
What are the upcoming plans for the Company?
The Company plans to hold an annual general and special shareholders’ meeting to discuss several key governance issues, including a share consolidation.
Who is the newly appointed auditor?
The Company has appointed Horizon Assurance LLP as its new auditor as of June 3, 2025.
Who can I contact for more information?
For more information, you can contact James Greig, the Chief Executive Officer, at (778) 788-2745.
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