Foremost Ventures Corp. completed an IPO of 2 million common shares raising C$200,000 in gross proceeds. Foremost is a capital pool company. Foremost has not started operations and has no assets other than cash.
Investors subscribed for 2 million of Foremost's common shares at 10 cents per share.
Chippingham Financial Group Ltd., which acted as agent for the IPO, got a cash commission of 10% of the proceeds and a corporate finance fee as well as options to purchase 200,000 shares at 10 cents per share for 24 months from the date that the common shares of Foremost begin trading on the TSX Venture Exchange. Also, Foremost gave its directors and officers incentive stock options to buy 400,000 shares at 10 cents per share, exercisable for a period of five years from the date the common shares of Foremost start trading on the exchange.
The shares have been conditionally approved for listing on the exchange under the trading symbol FMV.P.
As a result of the IPO, Foremost now has 4 million shares issued and outstanding with 400,000 shares reserved for issuance upon the exercise of the agent's options and 200,000 shares reserved for issuance upon the exercise of the director's options.