TORONTO, ONTARIO — (Marketwired) — 08/02/13 — Maple Power Capital Corporation (TSX VENTURE: MPX) (the “Corporation”) is pleased to announce that it has completed an initial public offering in British Columbia, Alberta and Ontario of 7,719,125 common shares at a price of $0.10 per share for gross proceeds of $771,912.50 (the “Offering”). Following the closing of the Offering, a total of 11,379,125 common shares of the Corporation were issued and outstanding, of which 3,660,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the “Exchange”).
The net proceeds of the Offering, together with the proceeds from prior sales of common shares of the Corporation 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 Exchange.
Foster & Associates Financial Services acted as agent (the “Agent”) for the Offering. In connection with the Offering, the Corporation granted to the Agent non-transferable options to acquire up to an aggregate of 771,913 common shares at a price of $0.10 per share (the “Agent-s Options”). The Agent-s Options may be exercised any time prior to the date that is 24-months following the date that the common shares are listed on the Exchange. The Agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the common shares and a corporate finance fee in the amount of $5,000.
At the closing of the Offering, the Corporation also granted stock options to the directors and officers exercisable to acquire up to an aggregate of 1,116,000 common shares. The options may be exercised at any time prior to August 2, 2018 at a price of $0.10 per share.
The current directors and officers of the Corporation are Bok Wong, Chief Executive Officer and a Director; Allan Siu Kin Fok, Chief Financial Officer and a Director, To-Hon Lam, Secretary and a Director, Derek S. K. Ng, Vice-President and a Director, Raymond Siu Cheong Lai, Director, David Brown, Director, David Mitchell, Director, and Jessica Jingjie Zhang, Director.
It is anticipated that the common shares of the Corporation will commence trading on the Exchange on or about August 8, 2013 under the stock symbol “MPX”.
For further information please see the Prospectus of the Corporation dated May 3, 2013 filed on SEDAR.
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.
Contacts:
Maple Power Capital Corporation
To-Hon Lam
Secretary and a Director
(905) 747-0859, Ext. 233