Northwest Arm Capital (NWA.P-V) Sept 12, '16 has completed its initial public offering of three million common shares at a price of 10 cents per common share for gross proceeds to the company of $300,000. Haywood Securities Inc. acted as agent for the offering and was paid a cash commission of $30,000, equal to 10 per cent of the gross proceeds, and was granted a non-transferable option to purchase 300,000 common shares of the company, equal to 10 per cent of the number of common shares sold under the offering. The agent's option is exercisable for a period of 24 months at a price of 10 cents per common share. The offering was made by prospectus dated Aug. 19, 2016, a copy of which may be obtained on SEDAR.
The company's common shares have been conditionally approved for listing on the TSX Venture Exchange. The company expects its common shares to commence trading on the exchange on Sept. 12, 2016, under the symbol NWA.P.
The net proceeds of the offering will be used to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction under the capital pool company program of the exchange as disclosed in the company's prospectus dated Aug. 19, 2016.
SOURCE Northwest Arm Capital Inc.
Daniel Whittaker, Director, Chief Executive Officer and Chief Financial Officer,
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