- Grosvenor CPC I Inc. (GRVA.P) has closed its initial public offering for gross proceeds of $652,640
- The corporation issued 6,526,400 common shares at a price of $0.10 per share
- When combined with the cash proceeds raised prior to the IPO, the corporation has raised total gross proceeds of $1,752,640
- The common shares will be trading on the TSXV under the symbol GRVA.P
- As at 3pm ET, Grosvenor CPC I Inc. (TSXV: GRVA.P) was trading at $0.10
Grosvenor CPC I (GRVA.P) has closed its initial public offering of 6,526,400 common shares for gross proceeds of $652,640.
“The successful completion of our IPO represents an important step in Grosvenor’s goal of delivering superior shareholder returns,” said Philippe Marleau, CEO and CFO of Grovesnor.
“With a team of dedicated and disciplined industry professionals, Grosvenor looks forward to identifying quality targets in high growth industries seeking access to the public capital markets,” Marleau added.
The TSX Venture Exchange defines Grosvenor CPC I Inc. as a capital pool company. To date, the corporation has not conducted operations of any kind and has not entered into an “Agreement in Principle”, as such term is defined in Exchange Policy 2.4 – Capital Pool Companies.
When combined with the corporation’s $1.1 million in cash proceeds raised prior to the IPO, the corporation has raised total gross proceeds of $1,752,640 and has a total of 26,426,400 common shares issued and outstanding.
A total of 17,800,000 common shares are being held in escrow pending the completion of a qualifying transaction. Net proceeds will be used to identify and evaluate assets or businesses for acquisition to complete the qualifying transaction.
In addition, Grosvenor has granted a total of 152,640 stock options to its directors and officers.
The common shares will be trading under the symbol GRVA.P.
As of 3pm ET, Grosvenor CPC I Inc. (TSXV: GRVA.P) was trading at $0.10 per share.