CALGARY, ALBERTA--(Marketwired - Jan. 13, 2016) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
This news release does not constitute an offer to sell or a solicitation of any offer to buy the common shares in the United States. The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption for the registration requirements of such Act.
New Global Acreage Resources Limited ("New Global" or the "Company") (TSX VENTURE:RAP.P) is pleased to announce that it has successfully completed its initial public offering ("Offering") raising gross proceeds of $300,000 pursuant to an amended and restated prospectus dated December 21, 2015. An aggregate of 3,000,000 common shares in the capital of the Company (the "Shares") were subscribed for at a price of $0.10 per Share. The Company has received final listing approval from the TSX Venture Exchange (the "Exchange") for its Shares on January 12, 2016 and has commenced trading today, January 13, 2016 under the stock symbol RAP.P.
PI Financial Corp. and its sub-agent (the "Agents") acted as the agent for the Offering. The Agents received a combined cash commission equal to 10% of the gross proceeds of the Offering and an option to purchase 300,000 Shares at a price of $0.10 per Share for a period of 24 months from the date of listing of the Shares on the Exchange. The Agent also received a corporate finance fee of $10,000 plus GST.
Upon closing of the Offering, New Global granted 570,000 incentive stock options to its directors and officers which are exercisable within ten years from the date of the grant at an exercise price of $0.10 per Share. As a result of the closing of the Offering, New Global now has 5,700,000 Shares issued and outstanding (2,700,000 of which are subject to escrow restrictions).
About the Corporation
New Global is a capital pool company ("CPC") within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. The board of directors of New Global consists of Tony Henshaw, Jason Robert Harding, Sylvan Odobulu and Norman Mackenzie. Tony Henshaw is Chief Executive Officer, Chief Financial Officer and Corporate Secretary of the Company. Except as specifically contemplated in the Exchange CPC policy, until the completion of its Qualifying Transaction (as that term is defined in the policies of the TSX Venture Exchange), the Company will not carry on business other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction.
Forward Looking Information
This news release contains statements about New Global's expectations regarding the completion of the application for listing and the commencement of trading on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange. Although New Global believes that the expectations reflected in these forward-looking statements are reasonable as New Global assumes it will be able to fulfill the terms of the conditional listing approval granted by the Exchange, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include failure to fulfill conditions of listing and inability to obtain required regulatory approvals. The forward-looking statements contained in this press release are made as of the date hereof, and New Global undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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 news release.
