Vancouver, British Columbia, Canada – Thursday, August 15, 2019 – PKS Capital Corp. (the “Corporation”), a capital pool company, is pleased to announce that on August 15, 2019 it successfully completed its initial public offering (the “Offering”) of 2,500,000 common shares (the “Shares”) for gross proceeds of $250,000 through its agent, Richardson GMP Limited (the “Agent”) on a commercially reasonable efforts basis. Following the closing of the offering, a total of 5,150,000 Shares are issued and outstanding, of which 2,650,000 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 Shares, 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 Exchange’s capital pool company program.
In connection with the Offering, the Agent received a cash commission equal to 10% of the gross proceeds of the Offering. In addition, the Corporation granted to the Agent a non-transferable option to purchase up to 250,000 Shares at a price of $0.10 per Share and which may be exercised for a period of 24 months from the day the Shares are listed on the Exchange. The Agent was also paid its reasonable expenses and a corporate finance fee for its services in connection with the Offering.
The board of directors of the Corporation consists of Hari Varshney, Peeyush Varshney and Mervyn Pinto.
An aggregate of 515,000 stock options have also been granted to all the directors and officers of the Corporation to acquire Shares of the Corporation at an exercise price of $0.10 per Shares with an expiry date of August 15, 2024.
The Corporation’s common shares are expected to commence trading on the Exchange on August 19, 2019 under the trading symbol “PKS.P”.
On behalf of the board of PKS CAPITAL CORP.
Per: “Hari Varshney”
Hari Varshney
Chief Executive Officer
INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE. 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.