VANCOUVER, BC / ACCESSWIRE / May 31, 2019 / Shooting Star Acquisition Corp. (TSX-V: SSSS.P) ("Shooting Star" or the "Company") is pleased to announce that it has completed its initial public offering ("IPO") raising gross proceeds of $250,000 (the "Proceeds") pursuant to a final prospectus dated February 27, 2019 (the "Prospectus"). A total of 2,500,000 common shares in the capital of the Company ("Shares") were subscribed for at a price of $0.10 per Share. The Company did not complete the concurrent non-brokered private placement of 3,000,000 Shares for gross proceeds of $300,000 contemplated in the Prospectus. After completion of the IPO, the Company now has 4,540,000 Shares issued and outstanding, with the directors and officers of the Company, in aggregate, holding 2,040,000 Shares, which are subject to escrow restrictions pursuant to the policies of the TSX Venture Exchange ("TSXV").
PI Financial Corp. (the "Agent") acted as agent for the IPO on a commercially reasonable efforts basis. The Agent received a cash commission equal to 10% of the gross proceeds of the IPO in connection with the IPO, as well as agent's options entitling the Agent and members of its selling group to purchase an aggregate of 250,000 Shares at a price of $0.10 per share for a period of 24 months from the listing date of the Shares on the TSXV. Concurrent with the closing of the IPO, the Company also granted 454,000 incentive stock options to its directors and officers, which are exercisable for a period of five years from listing date of the Shares on the TSXV at an exercise price of $0.10 per Share.
The Shares were listed on the TSXV at the market open on May 30, 2019 and immediately halt traded pending closing of the IPO. The halt is expected to be lifted and trading of the Shares is expected to commence on or about Tuesday, June 4, 2019 under the symbol "SSSS.P".
The net proceeds of the IPO, together with the proceeds from prior sales of common shares, will be used by Shooting Star to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the TSXV's Capital Pool Company ("CPC") program.
The current directors of the Company are Eric Warren, Geoff Balderson, and Greg Smith.
For further information please see the Prospectus, available under Shooting Star's profile on SEDAR at www.sedar.com.
About Shooting Star
Shooting Star is a newly formed CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value. Except as permitted under the TSXV's CPC policy, until the completion of the Qualifying Transaction, Shooting Star will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a Qualifying Transaction within 24 months of listing.
For further information, please contact:
Geoff Balderson
Chief Executive Officer, Chief Financial Officer, and Secretary
Telephone: 604-602-0001
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 THIS RELEASE.
SOURCE: Shooting Star Acquisition Corp.