Toronto, Ontario--(Newsfile Corp. - July 13, 2021) - Canaccord Genuity G Ventures Corp. ("CGGV") has filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada other than Quebec, in respect of its initial public offering (the "Offering"). CGGV is a newly-organized growth-focused special purpose acquisition corporation formed for the purpose of effecting an acquisition of one or more businesses within a specified period of time.
CGGV is the first issuer to launch a publicly-traded growth-focused acquisition corporation vehicle created in conjunction with the Neo Exchange Inc. (the "Exchange"), that is called a Growth Acquisition Corporation ("G-Corp").
The Offering is for 5,000,000 Class A restricted voting units of CGGV (the "Class A Restricted Voting Units") at an offering price of $3.00 per Class A Restricted Voting Unit, for aggregate proceeds of $15,000,000. CGGV has granted the Underwriters (as defined below) an over-allotment option to purchase up to an additional 750,000 Class A Restricted Voting Units on the same terms and conditions, exercisable in whole or in part by the Underwriters up to 30 days following closing of the Offering (the "Over-Allotment Option"). The gross proceeds of the Offering (along with the gross proceeds from any exercise of the Over-Allotment Option) will be placed in escrow pending completion of a qualifying transaction by CGGV and will only be released upon certain prescribed conditions.
Each Class A Restricted Voting Unit is comprised of a Class A Restricted Voting share (a "Class A Restricted Voting Share") and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of CGGV (a "Common Share") for a purchase price of $3.45, commencing 30 days after the completion of our qualifying transaction and will expire on the day that is five years after the closing date of our qualifying transaction or earlier upon the acceleration of the expiration date in certain circumstances. Prior to any qualifying transaction, the Class A Restricted Voting Shares and Warrants comprising the Class A Restricted Voting Units will trade as a unit.
Following completion of the qualifying transaction, (i) the Class A Restricted Voting Shares will convert into Common Shares, (ii) the Common Shares and the Warrants will separate and (iii) the Common Shares will trade separately from the Warrants, subject to CGGV meeting the Exchange's listing requirements.
The Offering is being distributed by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Cormark Securities Inc. (collectively, the "Underwriters").
The sponsor of CGGV is CG G-Corp Sponsor Inc. I ("CG G-Corp"), a wholly-owned subsidiary of Canaccord Genuity Group Inc. and an affiliate of Canaccord Genuity Corp. ("Canaccord Genuity"). CG G-Corp intends to purchase 4,883,333 share purchase warrants (the "Founders' Warrants") at an offering price of $0.30 per Founders' Warrant, for an aggregate purchase price of $1,465,000 concurrently with the closing of the Offering. Except as otherwise disclosed in the final prospectus, the Founders' Warrants will be subject to the same terms and conditions as the Warrants underlying the Class A Restricted Voting Units.
The CGGV founders and board of directors include:
| Michael D. Shuh | Chief Executive Officer and Director | Managing Director & Head of Financial Institutions Banking, Canaccord Genuity Corp. |
| Kevin Kirby | Director | President and Chief Executive Officer, Freedom International Brokerage Company |
| Paul Pathak | Director | Partner, Chitiz Pathak LLP |
| Roger Daher | Director | Owner and Pharmacist, Pharmasave |
The closing of the Offering is expected to occur on or about July 20, 2021.
The Exchange has conditionally approved the listing of the Class A Restricted Voting Units under the symbol "CGGV", subject to CGGV fulfilling all of the listing requirements of the Exchange, including the distribution of the Class A Restricted Voting Units to a minimum number of public holders.
Wildeboer Dellelce LLP is acting as legal counsel to CGGV and CG G-Corp. Blake, Cassels & Graydon LLP is acting as legal counsel to the Underwriters.
The Offering is only being made to the public by prospectus. The final prospectus contains important detailed information about the securities being offered. Copies of the final prospectus may be obtained from any of the Underwriters listed above. Investors should read the final prospectus before making an investment decision.
This press release is not an offer of securities for sale in the United States, and the securities may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. Copies of the final prospectus will be available on SEDAR at www.sedar.com.
About Canaccord Genuity G Ventures Corp.
Canaccord Genuity G Ventures Corp. is a newly organized growth-focused special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting a qualifying transaction within a specified period of time.
About CG G-Corp Sponsor Inc. I
CG G-Corp is the sponsor of CGGV. CG G-Corp is a wholly-owned subsidiary of Canaccord Genuity Group Inc., a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: capital markets and wealth management.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects CG G-Corp's and CGGV's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond CG G-Corp's or CGGV's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and related transactions, and the factors discussed under "Risk Factors" in the final prospectus of CGGV dated July 13, 2021, a copy of which is available on SEDAR at www.sedar.com. Neither CG G-Corp nor CGGV undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canaccord Genuity G Ventures Corp.
Michael Shuh
Chief Executive Officer
(416) 869-7376
NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90122
