Hope Well Capital Corp.

May 03, 2017 14:13 ET

Hope Well Capital Corp. Announces Closing of Initial Public Offering

TORONTO, ONTARIO--(Marketwired - May 3, 2017) - Hope Well Capital Corp. (the "Company") is pleased to announce that it has completed its initial public offering through its agent, Mackie Research Capital Corporation ("Mackie"), of 6,249,999 common shares of the Company at a price of $0.20 per common share for total gross proceeds of $1,249,999.80 pursuant to a prospectus dated March 24, 2017 filed with the Ontario, British Columbia and Alberta Securities Commissions.

The Company has received final acceptance to be listed as a capital pool company on the TSX Venture Exchange (the "TSXV"). The common shares of the Company are expected to commence trading on Tier 2 of the TSXV at the opening of market on or about May 8, 2016 under the trading symbol "HOPE.P".

As consideration for its role as agent, the Company granted to Mackie a non-transferable option (the "Agent's Option") to purchase up to 625,000 common shares of the Company at a price of $0.20 per common share for a period of 24 months until May 3, 2019. In addition, Mackie received a cash commission in an amount equal to 10% of the gross proceeds of the initial public offering, a work fee of $15,000 and reimbursement of certain expenses.

Upon closing of the initial public offering, the Company also granted 772,500 incentive stock options to its directors and officers which are exercisable for a period of five years at an exercise price of $0.20 per share.

As a result of the closing of the initial public offering, the Company now has 7,724,999 common shares issued and outstanding (1,475,000 of which are subject to escrow restrictions in accordance with TSXV policies), 625,000 reserved for issuance upon the exercise of the Agent's Option, and 772,500 common shares reserved for issuance upon the exercise of incentive stock options. The escrowed shares will be released in staged releases over a period of 36 months from the completion of the qualifying transaction.

The Company's board of directors and management team is comprised of: Bill Hong Ye (President and Chief Executive Officer, Secretary and Director), Anthony Chang (Chief Financial Officer and Director), Sheldon Kales (Director) and Peiwei Ni (Director).

About the Company

The Company is designated as a Capital Pool Company by the TSXV. 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 TSXV Policy 2.4 - Capital Pool Companies. The funds raised under the initial public offering will be used to pursue such Qualifying Transaction. For further information regarding the Company, the offering, and the Company's management team, see the prospectus filed with the Company's disclosure documents on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bill Hong Ye
    President and Chief Executive Officer