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Vancouver, British Columbia–(Newsfile Corp. – January 17, 2022) – KP3993 Resources Inc. (TSXV: KPEN.P)(the “Society” Where “KP3993“) is pleased to announce that on January 17, 2022, it successfully completed its IPO (“Initial Public Offering“) to raise gross proceeds of $250,000 pursuant to the final prospectus (“Prospectus“) as of December 14, 2021. A total of 2,500,000 common shares of the Company (“Shares“) were subscribed for at a price of $0.10 per share. Following the completion of the IPO, the Company now has 8,800,000 shares issued and outstanding. All shares issued prior to the IPO, including the 2,300,000 shares held by the directors and officers of the Company, are subject to escrow restrictions in accordance with the policies of the TSX Venture Exchange (“TSXV“).
Capital Research Corporation (the “Agent“), of Vancouver, British Columbia, acted as agent for the IPO and received a cash commission of $17,500 representing 7% of the gross proceeds of the IPO, working fees of $21,000 ( including GST) and agent’s options to purchase up to 175,000 shares at a price of $0.10 per share exercisable until the date falling 24 months after the registration of the Company’s shares listed on the TSXV.
The Company has also granted its directors and officers incentive stock options to purchase up to 350,000 shares, exercisable at a price of $0.10 per share until the date which is five years after the date the shares begin trading on the TSXV, which are subject to escrow restrictions in accordance with the policies of the TSXV.
The shares were listed on the TSXV at market open on January 17, 2022 and immediately ceased trading pending the closing of the IPO. The halt is expected to be lifted and trading in the shares is expected to begin trading on or around January 20, 2022 under the symbol “KPEN.P”.
The net proceeds from the IPO, together with proceeds from prior sales of Shares as disclosed in the Prospectus, will be used by KP3993 to identify and value assets or businesses to be acquired in order to complete a “Qualifying Transaction”. (as that term is defined in TSXV Policy 2.4 –Seed capital companies(the “CPC Policy“)) under the TSXV Capital Pool Corporation (“CPC“) program.
The current directors of the Company are Terry Wong, John Gravelle and Shu Zhang.
For further information, please see the Prospectus, available under the Company’s profile on SEDAR at www.sedar.com
ABOUT KP3993 RESOURCES INC.
The Company is a CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets. The Company has not commenced trading activities and has no assets other than cash. Except as permitted by CPC policy, until completion of the Qualifying Transaction, KP3993 will not engage in any activity other than the identification and evaluation of companies, businesses or assets with a view to achieving a qualifying transaction.
For more information, please contact:
Terry Wong, General Manager
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.
This press release contains forward-looking statements subject to risks and uncertainties. All statements contained herein, other than statements of historical fact, should be considered forward-looking. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, the continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that such statements will prove to be accurate and, therefore, readers are urged to rely on their own assessment of such uncertainties. The Company assumes no obligation to update any forward-looking statements.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110499