/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY, April 24, 2019 /CNW/ - Greenstone Capital
Corp. ("Greenstone" or the "Corporation") (TSX
Venture: GSGS.P) is pleased to announce that it has successfully
completed its initial public offering ("Offering") raising
gross proceeds of $500,000 pursuant
to a prospectus dated April 11, 2019
(the "Prospectus"). An aggregate of 5,000,000 common
shares in the capital of the Corporation (the "Shares") were
subscribed for at a price of $0.10
per Share. The Shares are listed on the TSX Venture Exchange
(the "Exchange") and are currently halted pending the
satisfaction of certain customary closing conditions. The
Corporation expects that the halt will be lifted and that trading
will commence on or about April 26,
2019 under the stock symbol GSGS.P.
Chippingham Financial Group Limited (the "Agent") acted
as the sole lead agent for the Offering. The Agent, together
with its sub-agents, received cash commission equal to 10% of the
gross proceeds of the Offering and options to purchase an aggregate
of up to 500,000 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 Exchange. The
Agent also received a corporate finance fee of $15,000, plus taxes.
Upon closing of the Offering and as disclosed in the Prospectus,
Greenstone granted 730,000 incentive 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, Greenstone now has 7,300,000 Shares
issued and outstanding (2,300,000 of which are subject to escrow
restrictions).
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
Exchange's Capital Pool Company program, as disclosed in the
Corporation's prospectus dated April 11,
2019.
About the Corporation
Greenstone 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 Greenstone consists of Mohammad Fazil, Dale
Machesney, Burkhard Franz,
Eamon Hurley and Gord
Anderson. The officers of the Corporation are Mohammad Fazil and Keith
Inman. Except as specifically contemplated in the CPC
policy, until the completion of its Qualifying Transaction, the
Corporation 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 Greenstone's
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. Although the Corporation believes that the expectations
reflected in these forward-looking statements are reasonable, 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 on the Exchange and inability to obtain required regulatory
approvals. The forward-looking statements contained in this press
release are made as of the date hereof, and Greenstone 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 policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release does not constitute an offer
to sell or a solicitation of any offer to buy the common shares in
the United States. The common
shares have not been and will not be registered under the U.S.
Securities Act of 1933 and may not be offered or sold in
the United States absent
registration or an applicable exemption for the registration
requirements of such Act.
SOURCE Greenstone Capital Corp.