TSX-V: HSC.P
VANCOUVER, Dec. 17, 2019 /CNW/ - Holly Street
Capital Ltd. (the "Company") is pleased
to announce that it has completed its initial public offering of
2,500,000 common shares in the capital of the Company (the
"Shares") at $0.10 per Share
for gross proceeds of $250,000 (the
"Offering") pursuant to a Prospectus dated November 29, 2019 (the "Prospectus") filed
with the British Columbia,
Alberta and Ontario Securities
Commissions. The Company's Shares are expected to commence
trading as a Capital Pool Company on Tier 2 of the TSX Venture
Exchange (the "TSXV") on December 19,
2019 under the symbol HSC.P.
Echelon Wealth Partners Inc. (the "Agent") acted as agent
for the Offering. Pursuant to the Offering, the Company
compensated the Agent as follows: (1) $25,000 cash commission, (2) $10,000 corporate finance fee, and (3) options to
purchase up to 250,000 Shares of the Company (the "Agent's
Options") at a price of $0.10 per
Share exercisable for a period of 24 months from the date the
Shares are listed on the TSXV (the "Listing Date").
The Company also granted to its directors and officers incentive
options to acquire up to 450,000 Shares at a price of $0.10 per Share, exercisable for a period 10
years from the Listing Date (the "Directors' and Officers'
Options").
As of the date hereof, the Company has 4,500,000 Shares issued
and outstanding (2,000,000 of which are subject to escrow
restrictions) and an aggregate of 700,000 Shares are reserved for
issuance upon the exercise of the Agent's Options and Directors'
and Officers' Options.
About Holly Street Capital Ltd.
The Company is designated as a Capital Pool Company under TSXV
Policy 2.4. The Company has not commenced commercial
operations and has no assets other than cash. The purpose of
the Offering is to provide the Company with funds to identify and
evaluate businesses or assets with a view to completing a
Qualifying Transaction (as defined in the Prospectus). Any proposed
Qualifying Transaction must be approved by the TSXV and, in the
case of a non-arm's length Qualifying Transaction, must also
receive majority approval of the minority shareholders. Until
the completion of a Qualifying Transaction, the Company will not
carry on any business other than the identification and evaluation
of businesses or assets with a view to completing a proposed
Qualifying Transaction.
For further information regarding the Company, the offering, and
the Company's management team, please contact Trumbull Fisher at
(416) 917-5847 and see the Prospectus filed with the Company's
disclosure documents on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
"Joel
Freudman"
Joel Freudman
CEO
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
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. Because of
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 Company's anticipated trading date on the TSXV and the ability
of the Company 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
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, the Company 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 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 Holly Street Capital Ltd.