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Cassowary Capital closes IPO

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Cassowary Capital closes IPO

Cassowary Capital Corp. Ltd. completed its IPO on Sept. 6.

A total of 4 million common shares were subscribed for at 10 Canadian cents per share, generating C$400,000 in gross proceeds for the company. The shares will start trading on the TSX Venture Exchange under the stock symbol BIRD.P on or about Sept. 12.

Richardson GMP Ltd. acted as the offering agent. The offering agent received a cash commission equal to 10% of the gross proceeds and an option to purchase 400,000 shares at a price of 10 Canadian cents per share for a period of two years from the date of listing of the shares on the exchange. The agent also received a corporate finance fee of C$15,000 and reimbursement for certain offering expenses.

Upon closing of the offering, the company granted 1,400,000 incentive stock options to its directors and officers which are exercisable within 10 years from the date of the grant at an exercise price of 10 Canadian cents per share. As a result of the closing of its IPO, the company now has 14,000,100 shares issued and outstanding. Of these shares, 10,000,100 are subject to escrow restrictions.