Element 79 Capital Inc.

November 14, 2013 13:03 ET

Element 79 Capital Inc. Completes Initial Public Offering

MONTREAL, QUEBEC--(Marketwired - Nov. 14, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES

Element 79 Capital Inc. ("Element 79" or the "Company"), a capital pool company, is pleased to announce that it has closed its initial public offering of 2,012,066 common shares at $0.15 per share for aggregate gross proceeds of $301,809.90. Jones, Gable & Company Limited ("Jones Gable") acted as lead agent for the offering and received a cash commission of 10% of the gross proceeds of the offering and was also paid a corporate finance fee. In addition, the Company has granted Jones Gable and certain of its sub-agents an option to acquire up to an aggregate of 201,207 common shares of the Company at a per share price of $0.15 exercisable for a period of 24 months from the date the Company's common shares are listed on the TSX Venture Exchange (the "Exchange").

Upon closing of the offering, Element 79 also granted 601,206 incentive stock options to its directors and officers which are exercisable for a period of ten years at an exercise price of $0.15 per share. Following completion of its initial public offering, Element 79 has 6,012,066 common shares issued and outstanding, 4,000,000 of which are subject to escrow restrictions in accordance with the policies of the Exchange.

The Exchange has conditionally approved the listing of the common shares of the Company. Subject to fulfilling final listing requirements, the Company expects that its common shares will commence trading on the Exchange shortly under the symbol "EMS".

The Company would like to thank Jones Gable for the role that it played in the distribution of the initial public offering of the Company.

About Element 79 Capital Inc.

The only business of Element 79 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.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.

Contact Information

  • Edward Ierfino
    President of the Company
    514-562-1374
    514-921-1395 (FAX)