Cinaport Acquisition Corp. III Completes Initial Public Offering
Toronto, Ontario--(Newsfile Corp. - November 27, 2018) - Cinaport Acquisition Corp. III (TSXV: CAC.P) (the "Company"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), is pleased to announce that it has successfully completed its initial public offering of 6,095,000 common shares at a price of $0.10 per common share (the "Offering") for gross proceeds of $609,500.
Echelon Wealth Partners Inc. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received a cash commission of $60,950, a corporate finance fee of $10,000 (excluding applicable taxes) and non-transferable warrants to purchase up to 609,500 common shares of the Company at a price of $0.10 per common share exercisable for a period of 24 months from the date the common shares are listed on the TSX-V.
The common shares of the Company have been approved for listing on the TSX-V and have commenced trading today under the symbol CAC.P.
The Company is a capital pool company within the meaning of Policy 2.4 of the TSX-V. The Company currently has no assets other than cash. The Company proposes to use the net proceeds of the Offering to identify and evaluate business and assets with a view to completing a "Qualifying Transaction" under Policy 2.4 of the TSX-V.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, will benefit the Company. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has reviewed or accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact:
Chief Executive Officer
Phone: (416) 213-8118 Ext. 210