Black Lion Capital Corp.

Black Lion Capital Corp.

April 04, 2016 17:09 ET

Black Lion Capital Corp. Completes Initial Public Offering

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Black Lion Capital Corp. (the "Company"), a capital pool company, is pleased to announce the completion of its initial public offering (the "Offering"). The Company issued 6,000,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.10 per share, for gross proceeds to the Company of $600,000. As a result of this issuance, the Company has 9,710,000 Common Shares issued and outstanding. All of the 3,710,000 Common Shares issued prior to this Offering are deposited in escrow with the Company's escrow agent.

The Common Shares will commence trading on the TSX Venture Exchange (the "Exchange") at the opening of market on April 5, 2016 under the trading symbol of "BLC.P".

In connection with the Offering, the Company granted non-transferrable warrants to the Offering agent, Canaccord Genuity Corp., to acquire an aggregate of 600,000 Common Shares (the "Agent's Warrants") at an exercise price of $0.10 per Common Share. The Agent's Warrants will expire 24 months from the date the Common Shares are listed on the Exchange. Canaccord also received a cash commission equal to 10% of the gross proceeds of the Offering and an administration fee for its services.

The Company has also granted options to acquire an aggregate of 970,000 Common Shares at an exercise price of $0.10 per option to the directors and officers of the Company. Such options expire ten years from the date of grant.

The net proceeds of the Offering will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the Exchange.

The current directors and officers of the Company are: Michael P. Walsh, Chief Executive Officer, President and Director; Ron A. Schmitz, Chief Financial Officer, Secretary and Director; William L. Macdonald, Director; Sean Mitchell, Director; Jesse Sims, Director; and Douglas Besse, Chief Technology Officer and Director.

About the Company

The Company has not commenced commercial operations and has no assets other than cash. The only business of the Company is the identification and evaluation of assets or businesses with a view to completing a "Qualifying Transaction" in accordance with Exchange Policy 2.4 - Capital Pool Companies. The funds raised under the Offering will be used to pursue such Qualifying Transaction. For further information please see the Company's prospectus dated January 27, 2016, available on the Company's SEDAR profile at www.sedar.com.

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.

This news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including risks and uncertainties relating to the Company's ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in the Company's Prospectus dated January 27, 2016 available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Contact Information

  • Black Lion Capital Corp.
    Michael P. Walsh
    Chief Executive Officer, President and Director
    604-218-2661