Royal Lifescience Corp. Announces Share Consolidation and Closing of Private Placement
1780 – 400 Burrard Street Vancouver, British Columbia V6B 3K1
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Royal Lifescience Corp. Announces Share Consolidation and Closing of Private Placement
August 18, 2016 TSX Venture Exchange Trading Symbol: RLS.H
Vancouver, BC – Royal Lifescience Corp. (NEX: “RLS.H”) (the "Company"), a Capital Pool Company trading on the NEX board of the TSX Venture Exchange, announces that further to the Company’s press release dated July 8, 2016, the Company has consolidated its issued and outstanding share capital on a two and a half for one basis, and commenced trading on a post-consolidated basis on August 18, 2016.
In addition, the Company has closed its previously announced post-consolidation private placement (the “Private Placement”) of up to 1,990,000 Common Shares (the “Common Shares”) at $0.05 per Common Share, for gross proceeds of $99,500. In conjunction with the Private Placement, the Company will pay aggregate finder's fees of $7,200 to Mr. Thomas Davis Carrick. Insiders of the Company subscribed for an aggregate of 190,000 Common Shares under the Private Placement, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61- 101 in that the fair market value of the consideration of the shares to be issued to the insider did not exceed 25% of the Company’s market capitalization.
The Common Shares are subject to a four-month hold period expiring on December 19, 2016. The proceeds of the Private Placement will be used for general working capital and towards identifying and evaluating a Qualifying Transaction of the Company.
Upon closing of the Private Placement, there are 3,990,000 (post-consolidated) common shares issued and outstanding.
About the Company
The Company is designated as a Capital Pool Company by the Exchange. The Company has not commenced commercial operations and has no assets other than cash. The only business of the Company is the identification and evaluation of assets or businesses with a view to completing a "Qualifying Transaction" in accordance with Exchange Policy 2.4 - Capital Pool Companies.
On behalf of the Board of Directors
“Minaz Dhanani”
Minaz Dhanani Chief Executive Officer, Chief Financial Officer, Director
For further information please contact:
Minaz Dhanani Telephone: (604) 783-7361
Neither the TSX Venture Exchange not 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.