TORONTO, May 27, 2024
/CNW/ - CHICANE CAPITAL II CORP. (TSXV: CHII.P) (the
"Corporation") is pleased to announce that it has completed
an initial public offering of 2,194,000 common shares of the
Corporation (the "Common Shares") at a price of $0.10 per common share for gross proceeds of
$219,400.00 (the
"Offering").
Following the closing of the Offering, a total of 4,994,000
Common Shares are issued and outstanding, of which 2,800,000 are
currently held in escrow pursuant to the policies of the TSX
Venture Exchange (the "Exchange").
The current directors and officers of the Corporation are:
John Travaglini, Chief Executive
Officer, Chief Financial Officer, Corporate Secretary and Director;
Paul Wood, Director; and
Osman Ahmed, Director. The net
proceeds of the Offering, together with proceeds from prior sales
of Common Shares 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 Exchange.
Haywood Securities Inc. (the "Agent") acted as agent for
the Offering. In connection with the Offering, the Corporation
granted to the Agent non-transferable options to acquire up to an
aggregate of 219,400 Common Shares at a price of $0.10 per Common Share at any time up to the
earlier of: (i) May 27, 2029; and
(ii) the date that is 36-months from the completion of the
Corporation's qualifying transaction. The Agent also received a
cash commission equal to 10% of the aggregate gross proceeds from
the sale of the Common Shares under the Offering, and a corporate
finance fee of $12,500.00.
In connection with completion of the Offering, the Corporation
granted stock options to the directors and officers of the
Corporation exercisable to acquire up to an aggregate of 219,400
Common Shares at any time until May 27,
2034 at a price of $0.10 per
Common Share.
The Common Shares are expected to commence trading on the
Exchange under the stock symbol "CCII" today.
For further information please see the final prospectus of the
Corporation dated April 5, 2024,
filed on SEDAR+ at www.sedarplus.com.
Cautionary Notes
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Due to
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward-looking statements. Forward-looking
statements in this news release include, but are not limited to,
the ability of the Corporation to complete a qualifying
transaction. Any number of factors could cause actual results to
differ materially from these forward-looking statements as well as
future results. Although the Corporation believes that the
expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. Except as
required by law, the Corporation disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward- looking statements or
otherwise.
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.
SOURCE CHICANE CAPITAL II CORP.