VANCOUVER, Jan. 23, 2019 /CNW/ - Danacore Industries
Inc. (the "Corporation") (TSX-V: DANA.P), a capital
pool company, is pleased to announce that it has successfully
completed its initial public offering (the "Offering") of 7,500,000
common shares (the "Shares") for gross proceeds of $750,000 through its agent, Canaccord Genuity
Corp. (the "Agent"). In connection with the Offering, the
Agent received a cash commission equal to 10% of the gross proceeds
of the Offering. In addition, the Corporation granted to the Agent
non-transferable options to purchase up to 750,000 Shares at a
price of $0.10 per Share and which
may be exercised until January 23,
2021. The Agent was also paid an administration fee for its
services in connection with the Offering.
The board of directors of the Corporation consists of
Mark Orsmond, Vincent Cummings, Matthew Henderson and Hamed Shahbazi. The Corporation's Chief
Financial Officer is Brian
Levinkind.
An aggregate of 500,000 stock options have also been granted to
the directors and officers of the Corporation to acquire Shares of
the Corporation at an exercise price of $0.10 per Share which may be exercised until
April 30, 2028, subject to the
Corporation's stock option plan.
The Corporation is also pleased to announce that it has received
approval of its application to list its common shares on the TSX
Venture Exchange ("TSX-V"). The Corporation's common shares were
listed on the TSX-V on January 23,
2019 and immediately halted pending closing of the
Offering. The Corporation's common shares are expected to
commence trading on the TSX-V on January 25,
2019 under the trading symbol "DANA.P".
On behalf of the board of directors:
Danacore Industries Inc.
Per: "Mark Orsmond"
Mark Orsmond
President, CEO, Secretary and Director
INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A
CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY
SPECULATIVE. NEITHER THE 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.
SOURCE Danacore Industries Inc.