TORONTO, May 21, 2019 (GLOBE NEWSWIRE) -- Woodbridge Ventures Inc. (the "Corporation" of “Woodbridge”) (TSX Venture Exchange WOOD.P), a capital pool company, is pleased to announce that it has completed its initial public offering by issuing 4,876,000 common shares at a price of $0.10 per common share, for gross proceeds to the Corporation of $487,600 (the "Offering").
The common shares of the Corporation will commence trading on the TSX Venture Exchange on May 23, 2019 under the trading symbol of "WOOD.P".
The net proceeds of the Offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to complete a "Qualifying Transaction" under the capital pool company program of the TSX Venture Exchange.
PI Financial Corp. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received an aggregate commission equal to 10% of the aggregate gross proceeds of the sale of the common shares along with options to purchase such number of common shares as is equal to 10% of the number of common shares sold under the offering at an exercise price of $0.10 per common share and for a period of 24 months following the completion of the offering.
Not for distribution to United States newswire services or for dissemination in the United States. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in the United States.
Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.
Woodbridge is a CPC governed by the policies of the TSX Venture Exchange. Woodbridge's principal business is the identification and evaluation of assets or businesses with a view to complete a Qualifying Transaction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice on Forward-Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Woodbridge cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Woodbridge's control. Such factors include, among other things: Woodbridge's ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in Woodbridge's final prospectus dated March 26, 2019 filed with the British Columbia Securities Commission, the Alberta Securities Commission and the Ontario Securities Commission and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Woodbridge undertakes no obligation to publicly update or revise forward-looking information.
For further information: please contact Raphael Danon, CFO of Woodbridge at raphaeldanon@gmail.com.