Cherry Street Capital Inc. Announces Listing on the TSX Venture Exchange, Closing of Initial Public Offering, and Trading on the TSX Venture Exchange

September 28, 2018 10:47 AM EDT | Source: Cherry Street Capital Inc.

Toronto, Ontario--(Newsfile Corp. - September 28, 2018) - Cherry Street Capital Inc. (TSXV: CHSC.P) (the "Corporation" or "CHSC"), is pleased to announce that it has completed its initial public offering (the "Offering") today of 1,050,000 common shares ("Common Shares") at a purchase price of $0.50 per Common Share, for gross proceeds of $525,000. The Offering was conducted by way of a prospectus.

The Corporation is a Capital Pool Company as defined in the policies of the TSX Venture Exchange (the "Exchange"). To date, the Corporation has not conducted operations of any kind and has not entered into an "Agreement in Principle", as such phrase is defined in Exchange Policy 2.4 — Capital Pool Companies.

Canaccord Genuity Corp. (the "Agent") acted as agent in connection with the Offering. For its services, the Agent received an administration fee, a cash commission equal to 10% of the gross proceeds of the Offering, being $52,500, as well as options to purchase up to 105,000 Common Shares at an exercise price of $0.50 per Common Share, exercisable within twenty-four months from the date of listing of the Common Shares on the Exchange (the "Agent Warrants").

Upon the closing of the Offering, there are 3,050,000 Common Shares issued and outstanding, of which 2,000,000 Common Shares are being held in escrow. In addition to the Agent Warrants, the directors and officers of the Corporation were granted options to purchase up to 305,000 Common Shares at an exercise price of $0.50 per Common Share, exercisable within sixty months from the date of the grant.

The Common Shares were listed on the Exchange at the close of business on September 27, 2018 and will commence trading on the Exchange under the trading symbol "CHSC.P" when the Exchange opens on September 28, 2018.

For more information, please contact Rudy Cheddie, a Chief Executive Officer and director of the Corporation.

Rudy Cheddie

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the satisfaction of conditions and the commencement of trading of CHSC's common shares. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. CHSC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.