CALGARY, ALBERTA--(Marketwired - Feb. 28, 2017) - HARBOUR STAR CAPITAL INC. (TSX VENTURE:HSC.P) (the "Corporation" or "Harbour Star"), a capital pool company, is pleased to announce that it has completed its initial public offering of 5,068,500 common shares at the price of $0.10 per common share for gross proceeds of $506,850 and has filed for listing as a Capital Pool Company on the TSX Venture Exchange. Chippingham Financial Group Limited (the "Agent") acted as agent on the offering. The common shares of Harbour Star are expected to commence trading on the TSX Venture Exchange ("TSXV") during the week of February 27, 2017 under the trading symbol "HSC.P".
As a result of the closing of this offering, Harbour Star now has 7,468,500 common shares issued and outstanding (2,400,000 of which are subject to escrow restrictions), 506,850 common shares reserved for issuance upon the exercise of agent's options granted upon completion of the IPO (the "Agent's Options") and 746,850 common shares reserved for issuance upon the exercise of stock options.
The Agent received a cash commission equal to 10% of the total gross proceeds of the IPO, a corporate finance fee and the Agent's Options exercisable at a price of $0.10 per common share up to February 27, 2019.
The net proceeds of the offering will be used by the Corporation 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 TSXV as disclosed in the Corporation's prospectus dated January 9, 2017.
Harbour Star's board of directors and management team is comprised of the following individuals: Mohammad Fazil (President, CEO and a director), Gordon Anderson (CFO and a director), Antarezia Liang (Director), William Eilers (Director) and Scott Reeves (Corporate Secretary and a director).
The forward-looking statements contained in this press release are made as of the date of this press release, and Harbour Star does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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.