- Mercury Acquisitions (MERC.P) has completed its initial public offering
- The offering generated gross proceeds of $4,000,000
- Mercury Acquisitions has 50,000,000 common shares issued and outstanding. 10,000,000 shares are subject to escrow restrictions
- The TSX-V has accepted the company’s listing application and the common shares were listed on the Exchange at the opening of business on May 11
- Shares will begin trading on the Exchange at the opening of business on Thursday, May 13, 2021, under the symbol MERC.P
Mercury Acquisitions (MERC.P) has completed its initial public offering of 40,000,000 common shares at C$0.10 per share.
The Initial Public Offering, open to purchasers in British Columbia and Alberta, generated gross proceeds of $4,000,000.
Leede Jones Gable Inc. acted as agent for which it received a cash commission equal to 8% of the aggregate gross proceeds and an administrative fee.
In addition, options to purchase an aggregate of 3,200,000 common shares were issued to the agent and its selling group. Each agent’s option can be exercised for one common share for $0.10 for a period of 60 months from the date the shares are listed on the TSX Venture Exchange.
At the closing of the IPO, the company also granted stock options to directors to acquire up to an aggregate of 4,150,000 shares. Each stock option can be exercised for one share at a price of $0.10 any time prior to May 11, 2031.
Following completion of the offering, Mercury Acquisitions has 50,000,000 common shares issued and outstanding. 10,000,000 shares are subject to escrow restrictions as disclosed in the company’s final prospectus dated March 31, 2021.
The TSX-V has accepted the company’s listing application and the common shares were listed on the Exchange at the opening of business on May 11, 2021.
Mercury Acquisitions Corp. currently operates as a capital pool company.
Shares will begin trading on the TSX-V on Thursday, May 13, 2021, under the symbol MERC.P.