Schooner Capital Corp. Announces Closing of Initial Public Offering
Schooner Capital Corp. Announces Closing of Initial Public Offering
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VANCOUVER, June 27, 2018 /CNW/ - Schooner Capital Corp. ("SCC" or the "Corporation") (TSXV:
SCH.P) is pleased to announce that it has successfully completed its initial public offering of 2,350,000
common shares of the Corporation ("Common Shares") at a price of $0.10 per Common Share for gross
proceeds of $235,000 (the "Offering"). After completion of the Offering, the Corporation now has
4,750,000 Common Shares issued and outstanding.
PI Financial Corp. (the "Agent") acted as the agent for the Offering and in connection therewith, the
Corporation granted the Agent non-transferable options (the "Agent's Options") which entitle the Agent
to purchase 235,000 Common Shares at an exercise price $0.10 per Common Share for a period of 24
months from the date the Common Shares were first listed on the TSX Venture Exchange (the
"Exchange"), which was June 27, 2018. In connection with the Offering, the Agent also received a cash
commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee, and was
reimbursed for its legal fees and reasonable expenses.
Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate
of 475,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of
the Corporation, which options expire five years from the date of grant.
The Corporation is a "capital pool company" and intends to use the net proceeds of the Offering to identify
and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction"
under the policies of the Exchange. On June 25, 2018, the Exchange issued a bulletin listing the
Common Shares as of market open on June 27, 2018 and immediately halting trading pending
completion of closing (the "Exchange Bulletin"). It is expected that the Common Shares will resume
trading under the trading symbol "SCH.P" on June 29, 2018.
Investors are cautioned that trading in the securities of a capital pool company should be considered
highly speculative.
Forward-Looking Information Cautionary Statement
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or the Corporation's future performance. The use of any of the words
"could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating
to matters that are not historical facts are intended to identify forward-looking information and are based
on the Corporation's current belief or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. In particular, the Corporation's stated use of proceeds
and its expectation as to the resumption of trading of the Common Shares on the Exchange constitute
forward-looking information. Actual results and developments may differ materially from those
contemplated by forward-looking information. Readers are cautioned not to place undue reliance on
forward-looking information. The statement made in this press release are made as of the date hereof.
The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Schooner Capital Corp.
View original content: http://www.newswire.ca/en/releases/archive/June2018/27/c2039.html
%SEDAR: 00045102E
For further information: Schooner Capital Corp.: Adam Spencer - Chief Executive Officer, Corporate
Secretary, Chief Financial Officer, and Director, Phone: (416) 804-9032
CO: Schooner Capital Corp.
CNW 16:37e 27-JUN-18