TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Logica Ventures Corp. (the “Corporation”) (TSXV: LOG.P) is pleased to announce that it has completed an initial public offering (the “Offering”) in Ontario, Alberta and British Columbia of 3,000,000 common shares (“Common Shares”) at a price of $0.10 per share for aggregate gross proceeds of $300,000.
When combined with the cash proceeds raised prior to the Offering, the Corporation has raised total gross proceeds of $487,000 and has a total of 6,740,000 Common Shares issued and outstanding, of which 3,740,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the “Exchange”).
The net proceeds of the Offering, together with the proceeds from prior sales of Common Shares, will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the Exchange’s capital pool company program (“CPC”).
The Corporation’s Common Shares were listed on the Exchange at the close of business on December 18, 2019 and the Common Shares commenced trading on the Exchange on December 19, 2019 under the stock symbol “LOG.P”.
Echelon Wealth Partners Inc. (the “Agent”) acted as agent for the Offering. In connection with the Offering, the Corporation granted to the Agent non-transferable options to acquire up to an aggregate of 300,000 Common Shares (the “Agent’s Options”). Each Agent’s Option is exercisable to acquire one common share at a price of $0.10 for a period of 24 months following the date that the Common Shares are listed on the Exchange. In connection with the Offering, the Agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the Common Shares, along with a corporate finance fee, and was reimbursed for its legal fees and reasonable expenses.
Following the closing of the Offering, the Corporation also granted stock options to directors and officers exercisable to acquire up to an aggregate of 674,000 Common Shares. Each option is exercisable to acquire one common share at a price of $0.10 at any time on or before December 19, 2029.
The current directors and officers of the Corporation are: Robert Kidd, Chief Executive Officer, Chief Financial Officer and Director; Munaf Ali, Director and Chairman of the Board of Directors; Paul Mesburis, Director; and Thomas Tewoldemedhin, Director and Corporate Secretary.
For further information please see the Corporation’s prospectus dated October 15, 2019, available under the Corporation’s profile on SEDAR at www.sedar.com
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements about the Corporation’s future plans and intentions, listing of the Common Shares on the Exchange, use of proceeds of the Offering and completion of a Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
Logica Ventures Corp.
Robert Kidd
Telephone: 416-367-4484
Email: robbie@logicaventures.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.