/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION
IN THE UNITED STATES. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES SECURITIES
LAW./
These securities have not been and will not be registered
under the United States Securities Act of 1933, as amended, or the
securities laws of any state, and may not be offered or sold in
the United States unless an
exemption from registration is available. This press release does
not constitute an offer to sell or the solicitation of any offer to
buy these securities in the United
States.
VANCOUVER, BC, May 3, 2021 /CNW/ - Momentous Capital Corp.
("Momentous" or the "Company") (TSXV: MCC.P) is
pleased to announce that on May 3,
2021, it has successfully completed its initial public
offering ("Offering"), raising gross proceeds of
$230,000 pursuant to a prospectus
dated April 9, 2021. An
aggregate of 2,300,000 common shares in the capital of the Company
(the "Shares") were subscribed for at a price of
$0.10 per Share.
Haywood Securities Inc. (the "Agent") acted as the agent
for the Offering. The Agent received a cash commission equal
to 10% of the gross proceeds of the Offering and an option to
purchase 230,000 Shares at a price of $0.10 per Share for a period of 24 months from
the date of listing of the Shares on the TSX Venture Exchange (the
"Exchange").
The Company is a "capital pool company" and intends to use the
net proceeds of the Offering to identify and evaluate assets or
businesses for acquisition with a view to completing a "Qualifying
Transaction" under the policies of the Exchange. On April 29, 2021, the Exchange issued a bulletin
announcing the listing of the Shares as of market open on
May 3, 2021 and immediately halting
trading pending completion of closing of the Offering. The Shares
will resume trading under the trading symbol "MCC.P" on or
about May 5, 2021.
Upon closing of the Offering, Momentous granted 500,000 stock
options to its directors and officers which are exercisable within
ten years from the date of the grant at an exercise price of
$0.10 per Share. As a result of the
closing of its initial public offering, Momentous now has 5,300,001
Shares issued and outstanding (3,000,001 of which are subject to
escrow restrictions).
Raymond D. Harari, CEO &
Director, stated: "Momentous Capital Corp. has an exceptional team
of backers and we will meticulously evaluate businesses to find an
exciting target company for a qualifying transaction. Momentous
intends to provide capital, liquidity and expertise to the target
company to bolster its operations and propel it towards long term
success."
About the Company
Momentous is a capital pool company ("CPC") within the
meaning of the policies of the Exchange that has not commenced
commercial operations and has no assets other than cash. The
board of directors of the Company consists of Messrs. Raymond D. Harari, Darren Collins, Matt
Murphy and Alvaro Yañez. The officers of the Company
are Raymond D. Harari, Chief
Executive Officer, and Philip Luong,
Chief Financial Officer and Corporate Secretary. Except as
specifically contemplated in the Exchange's CPC policy, until the
completion of its Qualifying Transaction, the Company will not
carry on business, other than the identification and evaluation of
companies, business or assets with a view to completing a proposed
Qualifying Transaction.
Forward Looking Information
This news release contains statements about Momentous'
expectations regarding the completion of the application for
listing, and the commencement of trading, on the Exchange that are
forward-looking in nature and, as a result, are subject to certain
risks and uncertainties, such as final listing approval from the
Exchange and statements regarding a potential target company for a
qualifying transaction. Although Momentous believes that the
expectations reflected in these forward-looking statements are
reasonable, as Momentous assumes it will be able to fulfill the
terms of the conditional listing approval granted by the Exchange
and intends to operate its business in accordance with management's
statements, undue reliance should not be placed on them as actual
results may differ materially from the forward-looking statements.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include failure to fulfill
conditions of listing, inability to obtain required regulatory
approvals and inability to find an appropriate target company
through which to complete a qualifying transaction. The
forward-looking statements contained in this news release are made
as of the date hereof, and Momentous undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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.
SOURCE Momentous Capital Corp.
