TORONTO, ONTARIO / TheNewswire / March 12, 2019 - Hampton Bay Capital Inc. (the "Corporation" or "Hampton Bay") is pleased to announce that on March 4, 2019 it completed its initial public offering (the "IPO") raising gross proceeds of $621,950, pursuant to a final prospectus dated January 29, 2019. A total of 6,219,500 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.10 per Share.
Echelon Wealth Partners Inc. (the "Agent") acted as agent for the IPO. The Agent received a cash commission equal to 10% of the gross proceeds and a corporate finance fee of $10,000 (plus HST) in connection with the IPO. The Agent also received non-transferable broker's warrants entitling it to purchase up to 621,950 Shares at a price of $0.10 for a period of 24 months.
The Corporation now has a total of 15,819,500 Shares issued and outstanding, with the officers and directors of the Corporation, in the aggregate, holding 6,100,000 Shares which are subject to escrow restrictions.
The Corporation has also granted to its officers and directors incentive stock options to acquire a total of 1,581,950 Shares which are exercisable for a period of ten years and an exercise price of $0.10 per Share.
Hampton Bay is a capital pool company ("CPC") within the meaning of the policies of the TSX Venture Exchange (the "TSXV") and has not commenced operations and has no assets other than cash. The Shares have been conditionally approved for listing on the TSXV, and the Corporation has been assigned the trading symbol "HPB". Listing of the Shares on the TSXV remains subject to the Corporation receiving final acceptance from the TSXV in accordance with its rules and policies. The Corporation expects that trading of the Shares on the TSXV will commence on or about March 15, 2019.
About Hampton Bay
Hampton Bay is a newly formed CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and to add shareholder value. Except as specifically contemplated in the CPC policy of the TSXV, until completion of a 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:
Chief Executive Officer and Chief Financial Officer
+61 455 553 363
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 release.