CALGARY, AB, Feb. 22, 2021 /CNW/ - Jesmond Capital
Ltd. (TSXV: JES.P) ("Jesmond" or the
"Corporation"), a capital pool company, is pleased to
announce that it has completed its initial public offering of
3,500,000 common shares at the price of $0.10 per common share for gross proceeds of
$350,000 (the "Offering" or
the "IPO") and has filed for listing as a Capital Pool
Company on the TSX Venture Exchange (the "TSXV").
Richardson Wealth Ltd. (the "Agent") acted as agent under
the Offering. The common shares of Jesmond were approved for
listing on the TSXV on February 19,
2021 and are expected to commence trading on the TSXV on
February 23, 2021 under the trading
symbol "JES.P".
As a result of the closing of the Offering, Jesmond now has
9,440,100 common shares issued and outstanding (5,940,100 of which
are subject to escrow restrictions), 350,000 common shares reserved
for issuance upon the exercise of agent's options granted upon
completion of the IPO (the "Agent's Options") and 944,000
common shares reserved for issuance upon the exercise of stock
options issued to directors/officers of the Corporation.
The Agent received a cash commission equal to 10% of the total
gross proceeds of the IPO, a corporate finance fee and the Agent's
Options exercisable at a price of $0.10 per common share up to February 19, 2023.
The net proceeds of the Offering will be used by the Corporation
to identify and evaluate assets or businesses for acquisition with
a view to completing a "Qualifying Transaction" under the Capital
Pool Company program of the TSXV as disclosed in the Corporation's
prospectus dated January 27,
2021.
The following individuals comprise Jesmond's board of directors
and management team: Stuart
Olley (CEO and Director), Gordon
Chmilar (CFO, Corporate Secretary and Director),
Rupert Williams (Director) and
Jeremy Woodgate (Director).
The forward-looking statements contained in this press
release are made as of the date of this press release, and Jesmond
does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result
of new information, future events or otherwise, except as expressly
required by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT
BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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.
SOURCE Jesmond Capital Ltd.