Colossus Resources Corp Successfully Completes IPO and Commences Trading at TSX-V on August 4, 2022
NEWS RELEASE
COLOSSUS RESOURCES CORP.
2475 Queens Avenue West Vancouver, BC V7V 2Y9
Colossus Resources Corp Successfully Completes IPO and Commences Trading at TSX-V on August 4, 2022
August 4, 2022 - Vancouver, British Columbia – Colossus Resources Corp. (the “Corporation”) is pleased to announce
that
it has successfully completed its initial public offering of 3,208,000 units (the “Units”) at $0.25 per Unit for gross
proceeds of $802,000 (the “Offering”). Each Unit is comprised of one (1) common share in the capital of the Issuer
(“Common
Share”) and one-half (1/2) of one Common Share purchase warrant (each whole such warrant, a “Warrant”). Each
whole
Warrant is exercisable to acquire one additional Common Share (a “Warrant Share”) for a period of 24 months
from
the date of issue at a price per Warrant Share of $0.40. As a result of this issuance, the Corporation has 13,583,100
common shares issued and outstanding. In connection with the Offering, the Corporation granted to Cannacord Genuity
Corp. (the “Agent”), the agent of the Offering, an option to acquire an aggregate of 256,640 Common Shares (the “Agent’s
Option”) at an exercise price of $0.25 per share. The Agent’s Option will expire two (2) years from the date the
Corporation’s Common Shares are listed on the TSX Venture Exchange Inc. (the “Exchange”). In consideration for acting
as agent for the Offering, the Agent also received an administration fee and a cash commission equal to 8% of the gross
proceeds of the Offering.
The
Corporation will b e granting incentive stock options effective the date of listing of the Corporation’s shares on the
Exch
ange to acquire an aggregate of 1,200,000 Common Shares at $0.25 per Common Share to the officers and directors of
the Corporation for a five (5) year term commencing on the date of listing of the Corporation’s Common Shares on the
Exchange
.
It is expected that the Corporation’s Co mmon Shares will commence trading on the Exchange under the trading symbol
“
CLUS” on August 4, 2022.
ON BEHALF OF THE BOARD
CHARALAMBOS
KATEVATIS, PRESIDENT AND CEO
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.