Left Field Capital Corp. (LFC.P) has completed its initial public offering of 1,450,000 common shares for gross proceeds of $217,500.
Following the completion of the offering, Left Field Capital has 3,550,000 common shares issued and outstanding.
The agent for the offering was Haywood Securities Inc. Left Field Capital granted the agent non-transferable warrants for its services, which entitle the agent to purchase up to 100,000 common shares at an exercise price of $0.15 per share.
The agent’s warrants will expire 24 months from the date the common shares are listed on the TSX Venture Exchange Inc., which was July 21, 2022.
Also the agent received a cash commission equal to 7.5 per cent of the gross proceeds of the offering, a corporate finance fee, and it was reimbursed for its legal fees and reasonable expenses.
Concurrent with closing the offering, Left Field Capital granted options to its directors and officers to acquire an aggregate of 225,000 common shares at an exercise price of $0.15 per common share, which expires five years from the grant date.
The company plans to use the net proceeds of the offering to identify and evaluate assets or businesses for acquisition to complete a qualifying transaction under the policies of the Exchange.
On July 19, 2022, the Exchange issued a bulletin approving the listing of the common shares as of market open on July 21, 2022, and immediately halting trading pending completion of the offering.
The common shares will resume trading on July 25, 2022 under the trading symbol “LFC.P.”
Left Field Capital Corp. is a capital pool company.
Left Field Capital Corp. was unchanged at $0.15 at 12:43 PM ET.