Vancouver, BC / TheNewswire / December 5, 2018 - Efficacious Elk Capital Corp. (EECC.P: TSX-V) (the "Company") is pleased to announce that it has successfully completed its initial public offering of 4,000,000 common shares at $0.10 per share for gross proceeds of $400,000 pursuant to a prospectus dated October 22, 2018. Canaccord Genuity Corp. (the "Agent") acted as agent for the offering. The Agent received a cash commission of 10% of the gross proceeds of the offering, an administration fee, and Agent's Warrants to purchase up to 400,000 common shares of the Company at a price of $0.10 per share exercisable until 24 months after the Company's shares are listed on the TSX Venture Exchange.
The Company's common shares have been listed on the TSX Venture Exchange as of today's date and immediately halted. It is expected that the Company's common shares will commence trading on December 7, 2018 under the symbol "EECC.P".
The Company has granted 610,000 stock options to its directors and officers pursuant to the Company's Stock Option Plan. The options have an exercise price of $0.10 per share and an expiry date of 10 years from the date of grant.
About Efficacious Elk Capital Corp.
The Company is a capital pool company ("CPC") within the meaning of the policies of the TSX Venture Exchange. The Company has not commenced operations and has no assets other than cash. The Company proposes to identify and evaluate business and assets with a view to completing a "Qualifying Transaction" under the TSX Venture Exchange Policy 2.4 - Capital Pool Companies. The funds raised under the initial public offering will be used to pursue the Company's Qualifying Transaction.
For further information contact:
Eugene A. Hodgson, President and CEO
Telephone: (604) 805-6600
Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.
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 release.