VANCOUVER, BC, April 13, 2021 /CNW/ - Anacott Acquisition
Corporation (the "Company" or "Anacott") is
pleased to announce that on April 13,
2021, it successfully completed its initial public offering
("IPO") to raise gross proceeds of $200,000 pursuant to the final prospectus
("Prospectus") dated March 17,
2021. A total of 2,000,000 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 4,400,000 Shares issued and outstanding, with the
directors and officers of the Company, in aggregate, holding
2,000,000 Shares, which Shares are subject to escrow restrictions
pursuant to the policies of the TSX Venture Exchange
("TSXV").
Canaccord Genuity Corp. (the "Agent"), of Vancouver, British Columbia, acted as agent
for the IPO and received a cash commission of $20,000 being 10% of the gross proceeds raised in
the IPO, a corporate finance fee of $15,000, and agent's warrants to purchase up to
200,000 Shares at a price of $0.10
per Share exercisable until the date that is 5 years 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 400,000 Shares, which are exercisable at a price of
$0.10 per Share until November 26, 2025, 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
April 13, 2021, 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 April 16, 2021 under the symbol
"AAC.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 Anacott 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 Michael Romanik, Jeff
Smulders, and Glen
Wallace.
For further information please see the Prospectus, available
under the Company's profile on SEDAR at www.sedar.com,
ABOUT ANACOTT ACQUISITION CORPORATION
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, Anacott will not
carry on business, other than the identification and evaluation of
companies, businesses or assets with a view to completing a
Qualifying Transaction.
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.
SOURCE Anacott Acquisition Corporation