Vancouver, British Columbia--(Newsfile Corp. - January 17, 2022) - KP3993 Resources Inc. (TSXV: KPEN.P) (the "Company" or "KP3993") is pleased to announce that on January 17, 2022, it successfully completed its initial public offering ("IPO") to raise gross proceeds of $250,000 pursuant to the final prospectus ("Prospectus") dated December 14, 2021. A total of 2,500,000 common shares of the Company ("Shares") were subscribed for at a price of $0.10 per Share. After completion of the IPO, the Company now has 8,800,000 Shares issued and outstanding. All Shares issued prior to the IPO, including the 2,300,000 Shares held by directors and officers of the Company, are subject to escrow restrictions pursuant to the policies of the TSX Venture Exchange ("TSXV").
Research Capital Corporation (the "Agent"), of Vancouver, British Columbia, acted as agent for the IPO and received a cash commission of $17,500 being 7% of the gross proceeds raised in the IPO, a work fee of $21,000 (inclusive of GST), and agent's options to purchase up to 175,000 Shares at a price of $0.10 per Share exercisable until the date that is 24 months after the Company's Shares are listed on the TSXV.
The Company also granted incentive stock options to its directors and officers to purchase up to 350,000 Shares, which are exercisable at a price of $0.10 per Share until the date that is five years from the date the Shares begin trading on the TSXV, which are subject to escrow restrictions pursuant to the policies of the TSXV.
The Shares were listed on the TSXV at the market open on January 17, 2022, and immediately halt traded pending closing of the IPO. The halt is expected to be lifted and trading of the Shares is expected to commence on or about January 20, 2022 under the symbol "KPEN.P".
The net proceeds of the IPO, together with the proceeds from prior sales of Shares as disclosed in the Prospectus, will be used by KP3993 to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" (as that term is defined in TSXV Policy 2.4 - Capital Pool Companies (the "CPC Policy")) under the TSXV's Capital Pool Company ("CPC") program.
The current directors of the Company are Terry Wong, John Gravelle, and Shu Zhang.
For further information please see the Prospectus, available under the Company's profile on SEDAR at www.sedar.com
ABOUT KP3993 RESOURCES INC.
The Company is a CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets. The Company has not commenced commercial operations and has no assets other than cash. Except as permitted under the CPC Policy, until the completion of the Qualifying Transaction, KP3993 will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a Qualifying Transaction.
For further information, please contact:
Terry Wong, Chief Executive Officer
Telephone: 604-488-8878
E-mail: terry@naiinnovation.com
Neither 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.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking statements.
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