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Cinaport Acquisition closes IPO

Cinaport Acquisition Corp. II closed its initial public offering of 5.4 million common shares at a price of 10 cents per common share for gross proceeds of $540,000.

Echelon Wealth Partners Inc. served as agent for the offering, receiving a cash commission of $54,000 and a corporate finance fee of $10,000. Echelon was also granted nontransferable warrants to purchase up to 540,000 company shares at the IPO price exercisable for 24 months after the offering completion.

Cinaport, a capital pool company, intends to use net proceeds from the offering for identification and evaluation of businesses and assets in order to complete a qualifying transaction.

The company's common shares have been authorized for listing on the TSX Venture Exchange under the ticker CPQ.P. The shares are anticipated to begin trading June 6.