Smash Minerals Corp.

Smash Minerals Corp.

April 01, 2011 13:14 ET

Smash Completes its Initial Public Offering and Lists on the TSX Venture Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Smash Minerals Corp.  (the "Company") is pleased to announce that it has completed its initial public offering ("IPO") of 8,000,000 common shares, at a price of C$0.80 per common share, for aggregate gross proceeds of C$6,400,000.

The TSX Venture Exchange (the "TSXV") has accepted the Company's listing application, and the Company's common shares commence trading on the TSXV at market opening on April 4, 2011 (Vancouver time) (the "Listing Date") under the trading symbol "SSH".

Wolverton Securities Ltd. and NCP Northland Capital Partners Inc. (together, the "Agents") assisted the Company in selling the IPO. As consideration, the Agents received: (i) a commission equal to 7% of the gross proceeds of the IPO paid through the issuance of 426,700 common shares at a deemed price of $0.80 per share and $106,640 cash; (ii) a corporate finance fee of $40,000 (plus HST), paid as to $10,000 (plus all HST) in cash, and $30,000 paid by way of the issuance of 37,500 common shares at a deemed price of $0.80 per share; (iii) options to acquire an aggregate of 640,000 shares, exercisable at $0.80 per share for a period of two years from the Listing Date, (of which 304,600 options are subject to a four month hold period expiring August 1, 2011); and (iv) their expenses as incurred.

The Company presently has 17,096,700 common shares issued and outstanding of which the following are restricted:

  1. 2,450,750 common shares are subject to escrow restrictions, to be released as to 10% on the Listing Date and 15% every six months thereafter;
  2. 217,500 common shares that are subject to TSXV resale restrictions, to be released as to 10% on the Listing Date and 15% every six months thereafter;
  3. 5,679,250 Shares that are subject to TSXV resale restrictions, to be released as to 20% on the Listing Date and 20% every three months thereafter; and
  4. 285,000 Shares that are subject to TSXV resale restrictions, to be released as to 20% on the Listing Date and 20% every month thereafter,

all as described in the Company's IPO Prospectus dated March 14, 2011 and filed on SEDAR.

The Company's board of directors consists of Adrian W. Fleming (CEO), Darryl S. Cardey, Gregory A. Fekete, and Stephen J. Swaffield. Adam R. Kniec is the Company's CFO and Secretary.

The Company announces that it has granted 1,400,000 incentive stock options (the "Options") which will become effective on the Listing Date. The Options are exercisable at $0.80 per common share for a period of five years.

The Company's Prospectus and material information is available for review on SEDAR.

ON BHEALF OF THE BOARD 

"Adrian W. Fleming"

CEO, Director

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 news release.

Contact Information

  • Smash Minerals Corp.
    Adrian W. Fleming
    CEO, Director
    (604) 638-8063
    (604) 648-8105 (FAX)