- Reem Capital Corp. (REEM) has successfully completed its initial public offering for gross proceeds of $350,000
- The company issued 3,500,000 common shares at a price of $0.10 per common share
- The corporation will use the net proceeds of the offering to complete a “Qualifying Transaction”
- The shares are expected to commence trading under the trading symbol REEM on February 16, 2022
Reem Capital Corp. (REEM) has successfully completed its initial public offering for gross proceeds of $350,000.
The company issued 3,500,000 common shares at a price of $0.10 per common share. The corporation now has 7,900,000 common shares issued and outstanding.
Research Capital Corporation acted as the agent for the offering and received non-transferable warrants entitling the agent to purchase 350,000 shares at an exercise price $0.10 per share. The agent’s warrants will expire 24 months from the date the common shares are listed on the TSX Venture Exchange. The agent also received a $15,000 corporate finance fee.
Directors and officers of the corporation were granted options to acquire an aggregate of 790,000 common shares. The options expire five years from the date of grant.
The corporation is a “capital pool company” and will use the net proceeds of the offering to complete a “Qualifying Transaction” under the policies of the Exchange.
The shares are expected to commence trading under the trading symbol REEM on February 16, 2022.