- Chicane Capital I Corp. (CCIC) has completed an initial public offering of 3,088,000 common shares
- The company offered the shares at a price of $0.10 per common share and raised gross proceeds of $308,800
- The company plans to use net proceeds of the offering to identify and evaluate assets or businesses for acquisition with a view to completing a “qualifying transaction”
- The common shares are expected to commence trading on Exchange under the stock symbol “CCIC” today
- Chicane Capital I Corp. was unchanged, trading at $0.10 at 11:54 AM ET
Chicane Capital I Corp. (CCIC) has completed an initial public offering of 3,088,000 common shares.
The company offered the shares at a price of $0.10 per common share and raised gross proceeds of $308,800.
By the end of the offering, the company has a total of 5,988,000 common shares issued and outstanding, of which 2,900,000 are currently held in escrow in line with the policies of the TSX Venture Exchange.
The company plans to use net proceeds of the offering, together with proceeds from prior sales of common shares, to identify and evaluate assets or businesses for acquisition with a view to completing a “qualifying transaction” under the capital pool company program of the Exchange.
Haywood Securities Inc. acted as the agent for the offering. In connection with the offering, the corporation granted to the agent non-transferable warrants to acquire up to an aggregate of 308,800 common shares at a price of $0.10 per common share at any time up to the earlier of December 14, 2027, and the date that is 12 months from the completion of the corporation’s qualifying transaction.
The agent also received a cash commission equal to 10 per cent of the aggregate gross proceeds from the sale of the common shares under the offering and a corporate finance fee of $12,500.
The company also granted stock options to the directors and officers of the corporation exercisable to acquire up to an aggregate of 300,000 common shares at any time until December 14, 2032, at a price of $0.10 per share.
The common shares are expected to commence trading on Exchange under the stock symbol “CCIC” today.
Chicane Capital I Corp. was unchanged, trading at $0.10 at 11:54 AM ET.
