NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Jo-Jo Capital Canada Ltd. (the "Corporation") (TSXV: JOJO.P) announces it has completed its initial public offering (the "Offering") raising gross proceeds of $206,675, pursuant to an amended and restated final prospectus dated October 31, 2023 (the “Prospectus”). A total of 2,066,750 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.10 per Share. Hampton Securities Limited (the "Agent") acted as the agent for the Offering. The Agent received a cash commission equal to 8% of the gross proceeds of the Offering, a work fee and non-transferable options to purchase up to 165,340 Shares at a price of $0.10 per Share for a period of 36 months from the closing of the Offering.
The Corporation now has 8,198,750 Shares issued and outstanding, with the directors, officers and seed shareholders of the Corporation, in aggregate, holding 6,132,000 Shares which are subject to escrow restrictions.
The net proceeds of the Offering, together with the unspent proceeds from the prior sales of Shares, will be used by the Corporation to identify and evaluate assets or business for acquisition with a view of complete a "Qualifying Transaction" under the TSX Venture Exchange’s (the “TSXV”) capital pool company program.
The current directors of the Corporation are Peter Schloo, Shant Poladian, Alexander MacKay, Jeffrey Maser and John Timmons.
In addition, upon closing of the Offering, the Corporation granted an aggregate of 319,675 stock options to its directors and officers at an exercise price of $0.10 per share for a period of ten (10) years from the date of grant, as more fully described in the Prospectus under the heading “Options to Purchase Securities”. The Corporation now has 819,875 stock options outstanding, all of which are subject to escrow restrictions.
The Shares are listed on the TSXV. It is expected that common shares of the Corporation will commence trading on the TSXV under the trading symbol “JOJO.P” on November 14, 2023.
For further information please see the Prospectus, available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ABOUT THE CORPORATION
The Corporation is a capital pool company (a "CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange Inc.'s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
For further information, please contact:
Peter Schloo
Chief Executive Officer
JO-JO CAPITAL CANADA LTD.
Telephone: 905 505 0918
Email: peter@greatwhitecapital.ca
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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
