VANCOUVER, BC / ACCESSWIRE / December 22, 2020 / Folkstone Capital Corp. (the "Company") (TSXV:FKS.H) is pleased to announce that it intends to complete a non-brokered private placement to raise up to $400,000 through the issuance of up to 8,000,000 post-consolidated common shares at a price of $0.05 per post-consolidated common share (the "Offering"). The Offering was approved by disinterested shareholders of the Company at its Annual General and Special Meeting held on October 23, 2020.
Closing of the Offering is subject to the satisfaction of the following conditions:
Consolidation of the Company's common shares on a 3 old for 1 new basis; and
The Company obtaining final TSX Venture Exchange (the "Exchange") approval to the Offering.
The Company also announces that subject to the approval of the Exchange, prior to closing of the Offering, Walter Henry intends to resign as a director of the Company, to be replaced by Scott Ackerman, who will also become the CEO, Corporate Secretary and CFO of the Company. In addition, subject to the approval of the Exchange, certain founder's shares currently held in escrow will be transferred within escrow to Mr. Ackerman.
The Company intends to use the proceeds of the Offering for repayment of debt and for general working capital purposes. Closing of the Offering remains subject to the approval of the Exchange.
The Company currently does not have an active business and will be seeking a business opportunity that will constitute a Qualifying Transaction under the policies of the Exchange.
On behalf of the Board, Mario Miranda
CEO, CFO, Corporate Secretary and Director
For further information:
Folkstone Capital Corp.
1600 - 609 Granville Street
Vancouver, BC V7Y 1C3
(778) 331-8505
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable law.
SOURCE: Folkstone Capital Corp.
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