Anacott Acquisition Company Completes Preliminary Public Providing as a Capital Pool Firm and Lists on the TSX Enterprise Change
VANCOUVER, BC, April 13, 2021 / CNW / – Anacott Acquisition Corporation (the “Company” or “Anacott”) is pleased to announce this on April 13, 2021it successfully completed its initial public offering (“IPO”) to increase gross proceeds from $ 200,000 in accordance with the final prospectus (“Prospectus”) dated March 17, 2021. A total of 2,000,000 common shares of the Company (“Shares”) were subscribed at a price of $ 0.10 per share. Following the completion of the IPO, the Company now has 4,400,000 shares issued and outstanding with the Company’s directors and officers holding a total of 2,000,000 shares for which the shares are subject to escrow restrictions under the policies of the TSX Venture Exchange (“TSXV”) .
Canaccord Genuity Corp. (the “Agent”) of Vancouver, British Columbia, acted as the IPO agent and received a cash commission from $ 20,000 10% of the gross proceeds from the IPO, a corporate finance fee of $ 15,000and the agent’s warrants to purchase up to 200,000 shares at a price of $ 0.10 per share exercisable until the date 5 years after the company’s shares are listed on the TSXV. The company also granted its directors and officers incentive stock options to purchase up to 400,000 shares, which can be exercised at a price of $ 0.10 per share up to November 26, 2025subject to fiduciary restrictions in accordance with the rules of the TSXV.
The shares were listed on the TSXV on the open market April 13, 2021and stop trading immediately until the IPO is complete. The Stop is expected to be lifted and trading in the Shares is expected to begin on or around the start April 16, 2021 under the symbol “AAC.P”.
The net proceeds of the IPO, along with proceeds from previous sales of Shares, as disclosed in the Prospectus, will be used by Anacott to identify and evaluate any asset or company for acquisition with a view to entering into a “Qualifying Transaction” (such as that term) as defined in TSXV Policy 2.4 – Capital Pool Companies (the “CPC Policy”) under the Capital Pool Company (“CPC”) program of the TSXV.
The current directors of the company are Michael Romanesque, Jeff Smulders, and Glen Wallace.
For more information, please refer to the prospectus available under the Company Profile on SEDAR at www.sedar.com.
ABOUT ANACOTT ACQUISITION CORPORATION
The Company is a CPC created to identify and evaluate potential acquisitions of economically viable companies and assets. The company has not commenced business and has no assets other than cash. Except as permitted under CPC Policy, Anacott will not conduct any business other than identify and evaluate any company, company or asset with a view to entering into a qualifying transaction until the qualifying transaction is completed.
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 press release.
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements contained therein, with the exception of historical facts, are to be regarded as forward-looking. Although the company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include market prices, continued availability of capital and financing, and general economic, market, or business conditions. There can be no guarantee that such statements will prove to be correct. Therefore, readers are advised to rely on their own assessment of such uncertainties. The company assumes no obligation to update forward-looking statements.
SOURCE Anacott Acquisition Corporation
For further information: Michael Romanik, CEO, phone: 204.724.0613, email: [email protected]