Yubba Capital Corp. Completes Initial Public Offering
Toronto, Ontario--(Newsfile Corp. - August 26, 2021) - Yubba Capital Corp. (TSXV: YUB.P) (the "Company") is pleased to announce that it has completed an initial public offering (the "Offering") in British Columbia, Alberta and Ontario of an aggregate of 2,220,000 common shares ("Common Shares") in the capital of the Company at a price of $0.10 per Common Share for aggregate gross proceeds of $222,000. Following the closing of the Offering, a total of 5,220,000 Common Shares were issued and outstanding, of which, 3,000,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the "TSXV").
The net proceeds of the Offering, together with the proceeds from prior sales of Common Shares will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSXV.
Haywood Securities Inc. (the "Agent") acted as Agent for the Offering. In connection with the Offering, the Company granted to the Agent options to acquire up to an aggregate of 177,600 Common Shares at a price of $0.10 per share for a period of five years from the closing of the Offering. In connection with the Offering, the Agent also received a cash commission of $17,760, representing 8% of the aggregate gross proceeds of the Offering.
At the closing of the Offering, the Company also granted stock options (the "Options") to directors and officers of the Company to acquire up to an aggregate of 300,000 Common Shares. The Options may be exercised any time prior to August 26, 2026 at a price of $0.10 per Common Share.
The current directors and officers of the Company are Jason Smart, Brian Morales and Edward (Ted) Yew.
The Common Shares will commence trading on the TSXV under the stock symbol "YUB.P" starting today.
For further information please see the prospectus of the Company dated May 28, 2021 filed on SEDAR or contact:
Brian Morales, Director at (647) 241-7202 or firstname.lastname@example.org.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. 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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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