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KELOWNA, BC , Oct. 30, 2019 /CNW/ - Genesis Acquisition Corp. ("Genesis" or the "Corporation") (TSX Venture: REBL.P) is pleased to announce that it has successfully completed its initial public offering (the "Offering") raising gross proceeds of $460,000 pursuant to a final long-form prospectus dated August 6, 2019 (the "Prospectus"). An aggregate of 2,300,000 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.20 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 November 1, 2019 under the stock symbol REBL.P.
Canaccord Genuity Corp. (the "Agent") acted as the 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 230,000 Shares at a price of $0.20 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 $12,500 , plus taxes.
Upon closing of the Offering and as disclosed in the Prospectus, Genesis granted 365,000 incentive stock options to its directors and officers that are exercisable within ten years from the date of the grant at an exercise price of $0.20 per Share. As a result of the closing of its initial public offering, Genesis now has 3,650,000 Shares issued and outstanding (1,484,000 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 Prospectus.
Genesis 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 Genesis consists of Charles Blair Wilson , Joe Miller , Eugene Hodgson , Karen Danard and Jason McDougall . The officer positions of the Corporation are held by Charles Blair Wilson and Kelly Wilson . 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 Panorama's expectations regarding the completion of the application for listing and the commencement of trading on the Exchange as well as completing a qualifying transaction 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 Panorama 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 Genesis Acquisition Corp.
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