H2 Ventures 1 (HO.P-V) Dino's watch list.
H2 Ventures 1 Completes Initial Public Offering And Listing On The TSX-V Exchange
Feb 9, '22 - NR
H2 Ventures 1 Inc. has completed an initial public offering (IPO) of 50 million common shares of the corporation at a price of 10 cents per common share for gross proceeds of $5-million. The company is now listed on the TSX Venture Exchange. The common shares were listed on the exchange at market open on Feb. 9, 2022, and trading was immediately halted, pending the closing of the IPO. The halt is expected to be lifted, and trading of the common shares is expected to resume on or about Feb. 11, 2022, under the symbol HO.P. When combined with the cash proceeds raised prior to the IPO, the corporation has raised total gross proceeds of $5.56-million and has a total of 61.2 million common shares issued and outstanding, of which 11.2 million are currently held in escrow, pursuant to the policies of the exchange.
The net proceeds of the offering, together with the proceeds from prior sales, will be used by the corporation to identify and evaluate assets or businesses for acquisition, with a view to completing a qualifying transaction in the hydrogen, fuel cell and clean-energy sectors under the exchange's capital pool company program.
Canaccord Genuity Corp. acted as the sole agent and sole bookrunner for the IPO. In connection with the offering, the agent received a cash commission equal to 8 per cent of the gross proceeds of the offering and an administration fee. In addition, the corporation granted to the agent non-transferable options to acquire up to an aggregate of four million common shares. Each agent's option is exercisable to acquire one common share at an exercise price of 10 cents for a period of 24 months following the completion of the offering.
The prospectus filed in connection with the IPO also qualified previously granted options to certain directors and officers of the corporation exercisable to acquire up to an aggregate of one million common shares. Each option is exercisable to acquire one common share at an exercise price of five cents until June 4, 2026.
For further information please see the Corporation's prospectus dated December 9, 2021, available under the
Corporation's profile on SEDAR at www.sedar.com
About H2 Ventures 1 Inc.
H2 is a capital pool company within the meaning of the exchange's CPC program policies that has not commenced commercial operations and has no assets, other than cash. Except as specifically contemplated in the exchange's CPC program policies, until the completion of its qualifying transaction, the corporation will not carry on business, other than the identification and evaluation of companies, businesses or assets, with a view to completing a proposed qualifying transaction.
For further information, please contact:
H2 Ventures 1 Inc.
Eric Denhoff – President, Chief Executive Officer, Corporate Secretary and Director
Phone: (604) 760-7176 |
