TORONTO, Aug. 16, 2017 (GLOBE NEWSWIRE) — Apolo Acquisition Corp. (the “Corporation”) is pleased to announce that it completed an initial public offering in Ontario, British Columbia and Alberta of 5,000,000 common shares in the capital of the Corporation (the “Common Shares”) at a price of $0.10 per Common Share for aggregate gross proceeds of $500,000. Following the closing of the offering, a total of 8,400,000 Common Shares are issued and outstanding, of which 3,400,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the “Exchange”).
The net proceeds of the offering, together with the proceeds from prior sales of Common Shares, will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the Exchange’s capital pool company program.
Richardson GMP Limited (the “Agent”) acted as agent for the initial public offering. In connection with the offering, the Corporation granted to the Agent non-transferable options to acquire up to an aggregate of 500,000 Common Shares (the “Agent’s Options”). Each Agent’s Option is exercisable to acquire one Common Share at a price of $0.10 for a period of 24 months following the date that the Common Shares are listed on the Exchange. In connection with the offering, the Agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the Common Shares.
Following the closing of the offering, the Corporation also granted stock options to directors and officers exercisable to acquire up to an aggregate of 690,000 Common Shares and charitable stock options to the Canadian Liver Foundation to acquire up to an aggregate of 25,000 Common Shares. Each option is exercisable to acquire one Common Share at a price of $0.10 any time on or before August 15, 2027 and in the case of the charitable stock options, any time after the earlier of August 15, 2027 and the 90th day following the date the optionholder ceases to be an Eligible Chartable Organization (as that term is defined in the policies of the Exchange).
The current directors and officers of the Corporation are: Vincent Gasparro, Chief Executive Officer, Chief Financial Officer and Director; Michael Galego, Director; Ryan Roebuck, Director; and Jeff Hergott, Corporate Secretary.
It is anticipated that the Common Shares will commence trading on the Exchange under the stock symbol “ACA.P” on Thursday, August 17, 2017.
For further information please see the Corporation’s prospectus dated July 28, 2017, available under the Corporation’s profile on SEDAR at www.sedar.com
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements. Statements about the Corporation’s future plans and intentions, listing of the Common Shares on the Exchange, use of proceeds of the offering and completion of a Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: For further information please contact: Apolo Acquisition Corp. Michael Galego, Director Telephone: 416.361.3121