Failure to Comply with This Restriction May Constitute a Violation of
Cassowary Capital Corporation Limited
Announces Closing of Initial Public Offering
/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN
THE UNITED
STATES
. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION
OF
UNITED STATES
SECURITIES LAW./
These securities have not been and will not be registered under the United States Securities Act of
1933, as amended, or the securities laws of any state, and may not be offered or sold in
the United
States
unless an exemption from registration is available. This press release does not constitute
an offer to sell or the solicitation of any offer to buy these securities in
the United States
.
CALGARY
,
Sept. 7, 2018
/CNW/ - Cassowary Capital Corporation Limited ("
Cassowary
" or the
"
Corporation
") (TSX VENTURE: BIRD.P) is pleased to announce that on
September 6, 2018
, it has
successfully completed its initial public offering ("
Offering
"), raising gross proceeds of
$400,000
pursuant to a prospectus dated
July 30
, 2018. An aggregate of 4,000,000 common shares in the
capital of the Corporation (the "
Shares
") were subscribed for at a price of
$0.10
per Share. The
Corporation has received conditional listing approval from the TSX Venture Exchange (the
"
Exchange
") for its Shares and the shares are expected to commence trading on or about
September 12, 2018
under the stock symbol
BIRD.P
.
Richardson GMP Limited (the "
Agent
") acted as the agent for the Offering. The Agent received a
cash commission equal to 10% of the gross proceeds of the Offering and an option to purchase
400,000 Shares at a price of
$0.10
per Share for a period of 24 months from the date of listing of
the Shares on the Exchange. The Agent also received a corporate finance fee of
$15,000
and
reimbursement for certain expenses of the Offering.
Upon closing of the Offering, Cassowary granted 1,400,000 incentive stock options to its directors
and officers which are exercisable within ten years from the date of the grant at an exercise price of
$0.10
per Share. As a result of the closing of its initial public offering, Cassowary now has
14,000,100 Shares issued and outstanding (10,000,100 of which are subject to escrow restrictions).
About the Corporation
Cassowary is a capital pool company ("
CPC
") within the meaning of the policies of the Exchange
that has not commenced commercial operations and has no assets other than cash. The board of
directors of the Corporation consists of Messrs.
Stuart Olley
,
Gordon Chmilar
,
Martin Mix
and
Guy
Lander
. The officers of the Corporation are
Stuart Olley
, Chief Executive Officer and
Gordon
Chmilar
, Chief Financial Officer and Secretary. Except as specifically contemplated in the
Exchange's CPC policy, until the completion of its Qualifying Transaction, the Corporation will not
carry on business, other than the identification and evaluation of companies, business or assets with
a view to completing a proposed Qualifying Transaction.
Forward Looking Information
This news release contains statements about Cassowary's expectations regarding the completion of
the application for listing, and the commencement of trading, on the Exchange that are forward-
looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing
approval from the Exchange. Although Cassowary believes that the expectations reflected in these
forward-looking statements are reasonable as Cassowary assumes it will be able to fulfill the terms
of the conditional listing approval granted by the Exchange, undue reliance should not be placed on
them as actual results may differ materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking statements include failure
to fulfill conditions of listing and inability to obtain required regulatory approvals. The forward-looking
statements contained in this news release are made as of the date hereof, and Cassowary
undertakes no obligation to update publicly or revise any forward-looking statements or information,
except as required by law.
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 news release.
SOURCE
Cassowary Capital Corporation Limited
View original content:
http://www.newswire.ca/en/releases/archive/September2018/07/c3361.html
%SEDAR: 00045375E
For further information:
Stuart Olley, Chief Executive Officer and Director at: Telephone: (403)
298-1814, Fax: (403) 263-9193
CO: Cassowary Capital Corporation Limited
CNW 18:10e 07-SEP-18