TORONTO, July 16, 2021 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (TSXV: STAK) (the “Corporation”), is pleased to announce that it has completed its initial public offering (the “Offering”) of 5,000,000 common shares (“Common Shares”) in the capital of the Corporation at a purchase price of $0.10 per Common Share by way of a prospectus for gross proceeds of $500,000.
Eric Szustak, President and CEO of the Corporation, commented, “We are pleased to complete the Offering and we thank our investors and advisors for their support. We are proud of our team of seasoned management, strategic investors and other supporters and we look forward to completing a successful qualifying transaction.”
The Corporation is a Capital Pool Company as defined in the policies of the TSX Venture Exchange (the “Exchange”). To date, the Corporation has not conducted operations of any kind and has not entered into an “Agreement in Principle”, as such phrase is defined in TSXV Policy 2.4 – Capital Pool Companies.
When combined with the Corporation’s cash proceeds raised prior to the Offering ($213,000 in seed financing), the Corporation has raised total gross proceeds of $713,000 and has a total of 9,260,000 Common Shares issued and outstanding. Pursuant to Exchange Policy 2.4 Capital Pool Companies, 4,260,000 Common Shares and 313,000 options to purchase Common Shares are being held in escrow. The net proceeds will be used to identify and evaluate assets of businesses for acquisition with a view to completing a “Qualifying Transaction” under the Capital Pool Company program of the Exchange.
Echelon Wealth Partners Inc. (the “Agent”) acted as agent in connection with the Offering. For its services, the Agent received a cash commission equal to 10% of the gross proceeds of the Offering. The Agent will also be granted 500,000 stock options at an exercise price of $0.10 per share for a period of five (5) years from the date of grant.
In addition, upon closing of the Offering, the Corporation granted an aggregate of 389,000 stock options to its directors and officers at an exercise price of $0.10 per share for a period of five (5) years from the date of grant.
It is expected that the Common Shares will be admitted for trading on the Exchange under the trading symbol “STAK” and commence trading shortly.
For more information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of the Corporation.
President, CEO, CFO, Corporate Secretary and Director
T: (905) 330-7948
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the satisfaction of conditions and the resumption of trading of the Corporation’s common shares. Forward- looking statements are based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued business development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers of this news release should not place undue reliance on forward-looking statements.
The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Bigstack Opportunities I Inc. Announces Closing of Initial Source link Bigstack Opportunities I Inc. Announces Closing of Initial