TORONTO, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Cross Border Capital I Inc. (TSXV: CBX.P) (the “Company”), a capital pool company (“CPC”), is pleased to announce that it has completed its initial public offering (the “Offering”). A total of 3,000,000 common shares (the “Common Shares”) were sold under the Offering at a price of $0.10 per share for gross proceeds of $300,000. As a result of this issuance, the Company now has 5,000,000 Common Shares issued and outstanding.
Haywood Securities Inc. acted as agent (the “Agent”) on a best efforts basis for the Offering and received a corporate finance fee, and a commission equal to 10% of the gross proceeds. The Company issued non-transferable compensation warrants to purchase up to 300,000 Common Shares at a price of $0.10 per share exercisable for a period of 24 months from the date of listing of the Common Shares on the TSX Venture Exchange.
The board of directors of the Company consists of Yaniv Bresler, Sophie Galper Komet, Jared Adelstein, and Jason Saltzman. The officers of the Company are Yaniv Bresler (Chief Executive Officer and Corporate Secretary) and Sophie Galper Komet (Chief Financial Officer).
The net proceeds of the Offering will be used to identify and evaluate assets or businesses for acquisition with a view to completing a Qualifying Transaction as disclosed in the Company’s final prospectus dated October 29, 2020 available on SEDAR at www.sedar.com under the Company’s profile. The Company’s common shares will commence trading today on the TSX Venture Exchange under the symbol CBX.P.
The Company granted stock options to its directors and officers to acquire an aggregate of 460,000 common shares at a price of $0.10 per share exercisable until December 22, 2030.
Gowling WLG (Canada) LLP acted as counsel to the Company and Peterson McVicar LLP acted as counsel to the Agent.
About Cross Border Capital I Inc.
The Company is CPC. It has not commenced commercial operations and has no assets other than a minimum amount of cash. Except as specifically contemplated in the CPC Policy, as defined in the final prospectus, until Completion of the Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed Qualifying Transaction.
For More Information
For more information please contact:
Yaniv Bresler, Chief Executive Officer
Telephone: (416) 862-4479
Email: yaniv@ybresler.com
Neither the 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.