- Smithe Resources (SMTH.P) has successfully completed its Initial Public Offering on the TSX Venture Exchange
- Smithe expects to commence trading as a capital pool company on October 25, 2021, under the symbol SMTH.P
- The company issued a total of 5,000,000 common shares at a price of $0.10 per share raising gross proceeds of $500,000
- Smithe Resources is a capital pool company and intends to use the net proceeds of the offering to complete a qualifying transaction
Smithe Resources (SMTH.P) has successfully completed its Initial Public Offering on the TSX Venture Exchange.
Smithe expects to commence trading as a capital pool company on October 25, 2021, under the symbol SMTH.P. The company issued a total of 5,000,000 common shares at a price of $0.10 per share raising gross proceeds of $500,000.
Canaccord Genuity Corp. acted as the agent for the IPO. Canaccord received a cash commission equal to 10 per cent of the gross proceeds of the offering and an option to purchase 500,000 common shares at a price of $0.10 per share for a period of 24 months.
Smithe granted 740,000 stock options to its directors and officers which are exercisable within five years from the date of grant at an exercise price of $0.10 per share.
Smithe now has 7,400,000 common shares issued and outstanding.
Smithe Resources is a capital pool company and intends to use the net proceeds of the offering to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction.