Nurcapital Corporation Ltd. Announces Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - September 27, 2022) - Nurcapital Corporation Ltd. (TSXV: NCL.H) (the "Company") is pleased to announce that it has closed a non-brokered private placement, raising aggregate gross proceeds of $5,000 through the issuance of 33,333 common shares in the capital of the Company (each, a "Common Share") at a price of $0.15 per Common Share (the "Offering").
All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
Related Party Transaction
The Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Offering is exempt from the formal valuation requirements set out in Subsection 5.5(b) of MI 61-101 as at the time of the transaction, the securities of the Company were not listed or quoted on one of the exchanges or markets specifically identified in MI 61-101. The Offering is also exempt from the minority shareholder approval requirements of MI 61-101 as set out in Subsection 5.7 (1) (a), on the basis that the fair market value of the related party transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
The Company did not file a material change report related to the Offering more than 21 days before the expected closing of the Offering as required by MI 61-101 as the Company requires the consideration it will receive in connection with the Offering immediately for working capital purposes.
About Nurcapital Corporation Ltd.
Nurcapital was incorporated under the Business Corporations Act (Ontario) on January 8, 2015. The Company is listed as a capital pool company on the NEX Board of the TSXV. The Company's Common Shares commenced trading on the TSXV on February 4, 2016 under the trading symbol "NCL.P". In conjunction with Nurcapital's transfer to the NEX on July 31, 2018, its trading symbol changed from "NCL.P" to "NCL.H". Nurcapital's business objective is to identify and evaluate assets or businesses with a view to a potential acquisition by completing a Qualifying Transaction.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sharief Zaman, Director
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