Kenna Capital Corp.

April 08, 2010 13:17 ET

Kenna Capital Corp. Completes Initial Public Offering

SASKATOON, SASKATCHEWAN--(Marketwire - April 8, 2010) - Kenna Capital Corp. (the "Corporation") announced today that it has completed its initial public offering (the "Offering") of 3,493,500 Class "A" shares (the "Shares") at a price of $0.20 per Share for aggregate gross proceeds of $698,700. The Offering was made pursuant to a prospectus dated March 24, 2010 filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Saskatchewan Financial Services Commission, The Manitoba Securities Commission, and the Ontario Securities Commission. MGI Securities Inc. (the "Agent") acted as agent for the Offering.

The Shares are expected to begin trading on the TSX Venture Exchange (the "Exchange") on or about April 13, 2010 under the symbol "MMG.P". The Corporation is a "capital pool company" as defined in the policies of the Exchange. As such, the Corporation will not carry on any business other than the identification and evaluation of assets or businesses for the purposes of completing a proposed Qualifying Transaction (as such term is defined in the policies of the Exchange).

The Corporation's management team is comprised of Corey Giasson, President and Chief Executive Officer and Todd Lahti, Chief Financial Officer and Corporate Secretary. In addition to Corey Giasson and Todd Lahti, the Corporation's board of directors is comprised of Shane Shircliff, Steve Halabura and C. Nigel Lees.

In exchange for its services, the Agent received a total commission of 8% of the Offering proceeds, and options to purchase 279,480 Shares, exercisable for a period of 24 months from the date the Shares commence trading, at a price of $0.20 per Share.

Immediately following the closing of the Offering, the Corporation issued stock options to the directors and officers, in accordance with the Corporation's Stock Option Plan. The Corporation issued 733,860 stock options, with an exercise price of $0.20 per Share, exercisable for a period of 5 years (the "Options"). At the time of the grant, the Corporation had 7,338,600 Shares issued and outstanding. The Options will be subject to Exchange approval.

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 the release.

Contact Information

  • Kenna Capital Corp.
    Todd Lahti
    Chief Financial Officer and Corporate Secretary
    (306) 651-1930
    (306) 651-1931 (FAX)