- Trail Blazing Ventures Ltd. (BLAZ.P) closes initial public offering
- 20,000,000 common shares in the capital of the corporation were subscribed for at a price of $0.10 per share
- The corporation now has 40,000,000 shares issued and outstanding, with the directors, officers and seed shareholders of the corporation
- Insiders of Trail acquired an aggregate of 2,071,000 shares
- Shares are listed on the TSXV, are currently halted
- Trail Blazing Ventures Ltd. (BLAZ.P) is trading at C$0.10 as of 1:54 pm EST
Trail Blazing Ventures (BLAZ.P) has completed its initial public offering raising gross proceeds of $2,000,000.
A total of 20,000,000 common shares were subscribed for at a price of $0.10 per share.
Research Capital Corporation acted as the agent for the Offering.
The agent received a cash commission equal to 8 per cent of the gross proceeds of the offering, a corporate finance fee and non-transferable options to purchase up to 1,600,000 shares at a price of $0.10 per share for a period of two years from the date the shares are first listed on the TSXV.
“The successful completion of our fully subscribed offering represents an important milestone in the Corporation’s goal of delivering superior shareholder returns,” said Darren Bondar, CEO and CFO of the corporation.
“Supported by a team of successful entrepreneurs and professionals, the corporation looks forward to identifying a qualifying transaction,” added Bondar.
The corporation now has 40,000,000 shares issued and outstanding, with the directors, officers and seed shareholders of the corporation, in aggregate, holding 20,000,000 shares which are subject to escrow restrictions.
The corporation has also granted 2,000,000 incentive stock options to its directors and officers which are exercisable for a period of ten years from the date of the grant at an exercise price of $0.10 per share.
Insiders of Trail acquired an aggregate of 2,071,000 shares.
Trail has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101 in respect of such insider participation.
Shares are listed on the TSXV, are currently halted. The halt is expected to be lifted and trading is expected to commence on or about January 26, 2022.
Trail Blazing Ventures Ltd. (BLAZ.P) is trading at C$0.10 as of 1:54 pm EST.