Elephant Hill Capital Inc., a capital pool company, closed its initial public offering of 5 million common shares at the price of 10 Canadian cents per share.
Gross proceeds from the offering were C$500,000. The company's common shares are expected to begin trading on the TSX Venture Exchange on June 19 under the trading symbol EH.P.
Chippingham Financial Group Ltd. acted as the agent for the offering.
Elephant Hill expects to use the net proceeds of the offering to identify and evaluate assets or businesses for acquisition.
As a result of the closing of the IPO, Elephant Hill now has 7 million common shares issued and outstanding, 500,000 shares reserved for issuance upon the exercise of the agent's options granted upon completion of the IPO and 700,000 shares reserved for issuance upon the exercise of stock options.