VANCOUVER, BC, Nov. 26, 2021 /CNW/ - Audrey Capital
Corporation (the "Corporation"), a capital pool company,
(TSXV: AUD.P) is pleased to announce that it has completed its
initial public offering (the "Initial Public
Offering") of common shares ("Common Shares") of the
Corporation through its agent, Canaccord Genuity Corp. (the
"Agent"). The Corporation issued 5,000,000 Common
Shares at a price of $0.10 per share
for gross proceeds of $500,000.
Following completion of the Initial Public Offering, the
Corporation has 18,500,000 Common Shares issued and outstanding, of
which 13,500,000 are subject to escrow in accordance with the
policies of the TSX Venture Exchange (the "Exchange"). The
Corporation has an aggregate of 1,800,000 stock options
outstanding, all of which have been granted to directors of the
Corporation, with each such option exercisable to acquire one
Common Share at a price of $0.10
until November 26, 2026.
In connection with the Initial Public Offering, the Agent
received a cash commission of $50,000
equal to 10% of the gross proceeds of the Initial Public Offering.
The Corporation also granted warrants to the Agent and certain
sub-agents, entitling the holder to purchase up to an aggregate of
500,000 Common Shares at a price of $0.10 per Common Share until November 26, 2026, being 60 months from the
listing date of the Common Shares on the Exchange, In addition, the
Agent was paid a administration fee of $15,000 in connection with the Initial Public
Offering.
The board of directors of the Corporation consists of
Ian Slater, Paul Beattie, Jay
Sujir and Peter Roth. Mr.
Slater also acts as CEO of the Corporation and Mary Braun acts as CFO and Corporate Secretary
of the Corporation.
The Common Shares of the Corporation were listed on the Exchange
at market open on November 26, 2021
and halted pending completion of the Initial Public Offering. The
Corporation expects its Common Shares to resume trading under the
symbol AUD.P on November 26,
2021.
The net proceeds of the Initial Public Offering, together with
the proceeds from prior sales of Common Shares, will be used by the
Corporation to identify and evaluate assets or businesses for
acquisition with a view to completing a "Qualifying Transaction"
under the capital pool company program pursuant to Policy 2.4 of
the Exchange. Investors are cautioned that trading in the
securities of a capital pool company should be considered highly
speculative.
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.
SOURCE Audrey Capital Corporation