High Mountain Capital Corp. closed an IPO of 3.5 million common shares at 10 cents per share for gross proceeds of C$350,000.
High Mountain Capital, after the completion of the offering, now has 5.7 million common shares issued and outstanding. High Mountain Capital also granted options to acquire a total of 570,000 of its common shares at an exercise price of 10 cents per share to the directors and officers of High Mountain Capital, which options expire 10 years from the date of grant.
High Mountain Capital, a capital pool company, plans to use the net proceeds from the offering to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction under the policies of TSX Venture Exchange. On May 28, the exchange issued a bulletin listing the common shares as of market open May 30, and immediately halted trading, due to the pending completion of closing.
High Mountain Capital anticipates the common shares to resume trading under the trading symbol BUZD.P on or about June 1.
Haywood Securities Inc. acted as agent for the offering. High Mountain Capital granted Haywood Securities non-transferable warrants to buy up to 350,000 common shares at an exercise price of 10 cents per share. Haywood Securities' warrants will expire 24 months from May 30, the date when High Mountain Capital's common shares were listed on the exchange. In addition, Haywood Securities received a cash commission equal to 10% of the gross proceeds of the offering, a corporate finance fee and reimbursement for its legal fees and reasonable expenses.
