MONTREAL, Dec. 24, 2018
/CNW Telbec/ - Physinorth Acquisition Corporation Inc.
("Physinorth"), a Capital Pool Company, is pleased to
announce the closing of its initial public offering of 2,551,600
Common Shares at a price of $0.15 per
share for a total amount of $382,740
(the "Offering") to investors in Québec on December 21, 2018.
Jitneytrade Inc. acted as agent in connection with the Offering
and received a cash commission, as well as an option to acquire 10%
of the aggregate number of shares sold pursuant to the Offering for
a period of 24 months from the date of listing of the common shares
on the TSX Venture Exchange (the "Exchange") at an
exercise price of $0.15 per common
share. The Agent also received a corporate finance fee of
$12,000 plus taxes and
disbursements.
Physinorth has filed the requisite post-closing documentation
with the Exchange in order to obtain final approval of the listing
of the common shares.
The directors and officers of Physinorth are Éric Chouinard,
Joseph Cianci, Jean-Robert Pronovost, Gilles Seguin and Hassan
Shawwa. Detailed information regarding each director is
contained within the final prospectus dated October 12, 2018, which is available to the
public at www.sedar.com.
In accordance with Policy 2.4 of the Exchange, the common
shares of Physinorth were admitted for trading on the Exchange
under the ticker symbol PSN.P at the opening of the markets on
Monday, December 24, 2018.
Physinorth intends to use the net proceeds of the Offering to
identify and evaluate assets or businesses for acquisition in view
of completing a Qualifying Transaction as such term is defined in
Policy 2.4 of the Exchange.
For further information, please contact:
Jean-Robert Pronovost, CEO
Physinorth Acquisition Corporation Inc.
Jppronovost@capepartners.ca
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 release.
Notice on Forward-Looking Information
Information set forth in this news release contains
forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are
not guarantees of future performance. Physinorth cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Physinorth's control. Such factors include,
among other things: Physinorth's ability to identify, evaluate and
complete a Qualifying Transaction and other risks and
uncertainties, including those described in Physinorth's final
prospectus dated October 12, 2018
filed with the Canadian Securities Administrators and available on
www.sedar.com. Accordingly, actual and future events, conditions
and results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the forward
looking information. Except as required under applicable securities
legislation, Physinorth undertakes no obligation to publicly update
or revise forward-looking information.
SOURCE Physinorth Acquisition Corporation Inc.