TORONTO, Dec. 22,
2022 /CNW/ - Celestial Acquisition Corp. (TSXV:
CES.P) (the "Corporation" or "Celestial"), the first
Space Technology focused capital pool company to list on the TSX
Venture Exchange Inc. (the "Exchange"), is pleased to
announce that it has completed its initial public offering (the
"Offering") today of $500,000,
the maximum offering under its final prospectus dated November 30, 2022 (the "Final
Prospectus"). The Corporation issued a total of 5,000,000
common shares in the capital of the Corporation ("Common
Shares") at a purchase price of $0.10 per Common Share.
"The strong interest from investors on this IPO reflects what we
believe is growing capital markets demand for new ideas that
provide direct exposure to the growth of the New Space economy,"
said Jared Bottoms, Chief Executive
Officer of Celestial, and Director of Space Systems at Kepler
Communications. "Euroconsult estimates that the Global Space
Economy will grow 74% by 2030 to reach US$642 billion. The Celestial team, with an
ideal mix of finance and technical experience from Blue Origin,
MDA, Boeing, Airbus, Sea Launch and Phantom Space, among others, is
uniquely positioned to identify, evaluate and pursue high-growth
prospects and bring exciting investment opportunities to the
Canadian capital markets."
When combined with the Corporation's cash proceeds raised prior
to the Offering ($212,500 in seed
financing as more fully described in the Final Prospectus, the
Corporation has raised total gross proceeds of $712,500 and has a total of 9,250,000 Common
Shares issued and outstanding, of which 4,250,000 Common Shares are
being held in escrow (in addition to 870,000 stock options). Upon
closing of the Offering, the Corporation granted an aggregate of
445,000 stock options to its directors, officers and technical
consultants at an exercise price of $0.10 per share for a period of five (5) years
from the date of grant, as more fully described in the Final
Prospectus under the heading "Options to Purchase
Securities". The net proceeds from the Offering will be used 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.
Haywood Securities Inc. (the "Agent") acted as agent in
connection with the Offering. For its services, the Agent received
an administrative fee, a cash commission equal to 10% of the gross
proceeds of the Offering as well as options to purchase up to
500,000 Common Shares at an exercise price of $0.10 per Common Share until the earlier of
December 22, 2027 and the date that
is 12 months from the completion of the Corporation's Qualifying
Transaction, as more fully described in the Corporation's Final
Prospectus under the heading "Options to Purchase
Securities".
The Corporation is a Capital Pool Company (as defined in the
policies of the Exchange). To date, the Corporation has not
conducted operations of any kind and has not entered into an
"Agreement in Principle", as such term is defined in Exchange
Policy 2.4 – Capital Pool Companies.
The Common Shares were admitted for trading on the Exchange and
will be trading under the symbol "CES.P".
Aird & Berlis LLP acted as legal counsel to the Corporation
and Minden Gross LLP acted as legal counsel to the Agent.
About Celestial Acquisition
Corp.
Celestial is the first and only Capital Pool Company listed on
the TSX Venture Exchange that is focused on the Space Technology
sector. Celestial is part of a larger platform and network of
sophisticated technicians, industry professionals and impact
capital whose mission it is to grow the Space Tech ecosystem
in Canada by attracting exciting
growth stage New Space companies to the Canadian capital markets
and supporting their growth and success.
For additional information visit www.celestialgrowth.com
Cautionary Notes
Investors are cautioned that trading in the securities of a
capital pool company should be considered highly speculative.
Certain statements in this news release constitute "forward-looking
information" under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the Corporation's intended use of
proceeds, satisfaction of conditions and the resumption of trading
of the Corporation's common shares. Forward-looking statements are
based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to: general business, economic, competitive,
political and social uncertainties; delay or failure to receive
shareholder or regulatory approvals; and the results of continued
business development, marketing and sales. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers of this news
release should not place undue reliance on forward-looking
statements. The Corporation disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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 Celestial Acquisition Corp.