Orcus Resources Ltd. Completes Initial Public Offering and Lists on the TSX Venture Exchange as a Capital Pool Company
1575 Kamloops Street Vancouver, BC V5K 3W1 Canada
NEWS RELEASE
ORCUS RESOURCES LTD. COMPLETES INITIAL PUBLIC OFFERING AND LISTS ON THE TSX VENTURE EXCHANGE AS A CAPITAL POOL COMPANY
Tuesday, October 5, 2021 – Vancouver, British Columbia
Orcus Resources Ltd. (the “Corporation”) (TSX-V: ORCS.P), a capital pool company, is pleased to announce that it has successfully completed its initial public offering (the “Offering”). The Corporation issued 4,000,000 common shares (the “Shares”), representing the maximum number of Shares issuable pursuant to the Offering, for gross proceeds of $400,000.
PI Financial Corp. acted as the agent for the Offering. In connection with the Offering, PI Financial Corp. received the following:
- a cash commission equal to 10% of the gross proceeds of the Offering;
- a corporate finance fee; and
- non-transferable options to purchase up to 400,000 Shares at a price of $0.10 per Share, which may be exercised until October 5, 2026.
The directors and officers of the Corporation are as follows:
- Deepak Varshney (Chief Executive Officer, Corporate Secretary and Director);
- Tim Peters (Chief Financial Officer);
- Navin Varshney (Director);
- James Walker (Director); and
- Brian Moore (Director).
An aggregate of 475,000 stock options have also been granted to the directors and officers of the Corporation to acquire Shares of the Corporation at an exercise price of $0.10 per Share which may be exercised for a period of 10 years from the date of grant.
The Corporation is also pleased to announce that it has received approval of its application to list its common shares on the TSX Venture Exchange (“TSX-V”). The Corporation’s common shares were listed on the TSX-V on Tuesday, October 5, 2021 and immediately halted pending closing of the Offering. The Corporation’s common shares are expected to commence trading on the TSX-V on Thursday, October 7, 2021 under the trading symbol “ORCS.P”.
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On behalf of the Board of Directors:
Orcus Resources Ltd.
Per: “Deepak Varshney”
Deepak Varshney, CEO, Corporate Secretary and Director
INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE. 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.