- Pentagon I Capital Corp. (PNTI.P) has completed its IPO of 3,000,000 common shares at a purchase price of $0.10 per common share for gross proceeds of $300,000
- The corporation is a capital pool company
- With the proceeds of the IPO, the corporation has raised $440,000 and has a total of 5,800,000 common shares issued and outstanding
- Pentagon will use the net proceeds from the IPO to complete a “qualifying transaction”
- Pentagon I Capital Corp. was up 5.00 per cent, trading at $0.105 at 1:34 PM ET
Pentagon I Capital Corp. (PNTI.P) has completed its initial public offering of 3,000,000 common shares for gross proceeds of $300,000.
When the IPO proceeds are combined with the corporation’s cash raised before the offering ($140,000 in seed financing), the corporation has raised total gross proceeds of $440,000. It has a total of 5,800,000 common shares issued and outstanding.
Currently, 2,800,000 common shares and 580,000 options are being held in escrow.
The company will use the net proceeds from the IPO to identify and evaluate assets of 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 agent in connection with the offering.
Upon closing of the offering, the corporation granted an aggregate of 580,000 stock options to its directors and officers.
Common shares of the company are expected to commence trading on the TSX under the trading symbol PNTI.P today, June 29, 2022.
Pentagon I Capital Corp. was up 5.00 per cent, trading at $0.105 at 1:34 PM ET.