- Bow Lake Capital Corp. (BLCC.P) has successfullycompleted its initial public offering (IPO)
- The corporation issued 5,000,000 common shares at a price of $0.10 per share for gross proceeds of $500,000
- On March 22, 2022, the Exchange approved the listing of the corporation’s common shares as of market open on March 24, 2022
- Trading has been halted pending the closing of the offering
- The shares are expected to resume trading under the trading symbol BLCC.P on or about March 28, 2022
Bow Lake Capital Corp. (BLCC.P) has successfully completed its initial public offering (IPO).
The corporation issued 5,000,000 common shares at a price of $0.10 per share for gross proceeds of $500,000. Bow Lake Capital now has 7,800,000 common shares issued and outstanding.
Canaccord Genuity Corp. acted as the agent for the offering. Bow Lake granted Canaccord and members of its selling group purchase warrants to purchase 500,000 common shares at a price of $0.10 share exercisable for up to 60 months from the day the corporation’s shares are listed on the TSXV, which was March 24, 2022. The agent also received a 10 per cent cash commission, an administration fee, and was reimbursed for its legal fees and reasonable expenses.
Bow Lake Capital granted options to acquire an aggregate of 780,000 shares to the directors and officers of the corporation.
The corporation is a “capital pool company” and intends to use the net proceeds of the offering to complete a “Qualifying Transaction” under the policies of the Exchange.
On March 22, 2022, the Exchange approved the listing of the corporation’s common shares as of market open on March 24, 2022, and immediately halted trading pending the closing of the offering.
The shares are expected to resume trading under the trading symbol BLCC.P on or about March 28, 2022.
