Prime City One Capital Corp. Announces Equity Financing Completion and New President/CEO
Toronto, Ontario--(Newsfile Corp. - June 29, 2018) - Prime City One Capital Corp. (TSXV: PMO.H) (the "Corporation" or "Prime City"), is pleased to report that it has completed its previously announced private placement financing of units (each a "Unit") at a price of $0.08 per Unit, with the issuance of an aggregate of 4,312,500 Units for gross proceeds of $345,000. Each Unit consists of one common share of Prime City (a "Common Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share at a price of $0.105 for a period of 1 year from closing. All of the Common Shares and Warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on October 30, 2018. The proceeds from this offering will be used to settle outstanding indebtedness, to fund future restructuring costs and for general working capital purposes. An aggregate of 1,365,000 of the Units were acquired by Mr. David Carbonaro, who has also been appointed President, Chief Executive Officer and a Director of the Corporation. As Mr. Carbonaro will, as a result of this subscription, be the holder of more than 10% of the issued and outstanding Common Shares, standard background checks must be completed by the TSX Venture Exchange (in accordance with applicable Exchange rules and policies) and his subscription has therefore been completed in trust, pending confirmation of completion of such reviews.
David Carbonaro has been an international corporate finance lawyer for over 30 years. He is currently a principal of, and General Counsel to, the Gravitas Group of Companies, as well as Counsel at Dentons Canada LLP.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chief Financial Officer
Prime City One Capital Corp.
Tel: (647) 300-1581
Caution Regarding Forward-Looking Statements — This news release contains certain forward looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
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 the release.