VANCOUVER, BC / ACCESSWIRE / March 22, 2022 / Clover Leaf Capital Corp. (TSXV:CLVR.P) (the "Company") is pleased to announce that it has completed its initial public offering (the "Offering") of 4,650,000 common shares ("Common Shares") in the capital of the Company at a purchase price of $0.10 per Common Share for gross proceeds of $465,000 pursuant to a final prospectus dated December 24, 2021. The Common Shares were listed on March 22, 2022 and are expected to commence trading on the TSX Venture Exchange (the "TSXV") on or about March 24, 2022 under the trading symbol "CLVR.P".
The Company is a capital pool company within the meaning of the policies of the TSXV. The Company has not commenced operations, has no assets other than cash, and has not entered into an "Agreement in Principal". The Company will use the net proceeds of the Offering to identify and evaluate potential "Qualifying Transactions" under the Capital Pool Company Program of the TSXV.
Haywood Securities Inc. (the "Agent") acted as agent in respect of the Offering on a commercially reasonable efforts basis. Pursuant to the Offering, the Agent received a cash commission of 10% of the gross proceeds raised and a cash corporate finance fee of $12,500 plus applicable taxes. The Agent and its selling group were also issued an aggregate of 465,000 non-transferable common share purchase warrants (each, an "Agent's Warrant") of the Company entitling the holder thereof to purchase 465,000 Common Shares at $0.10 per Agent's Warrant at any time until March 22, 2024.
The Company has also granted stock options (the "Options") to certain directors and officers of the Company to acquire up to an aggregate of 720,000 Common Shares. Each Option is exercisable to acquire one Common Share at a price of $0.10 any time prior to July 15, 2031, subject to the terms of the Company's stock option plan.
Following completion of the Offering, the Company has 11,850,000 Common Shares issued and outstanding, 7,443,000 of which are subject to escrow restrictions pursuant to the policies of the TSXV.
Additional information on the Company can be found in the Company's long form prospectus dated December 24, 2021, as filed on SEDAR at www.sedar.com.
Contact Information - For more information, please contact:
Ben Meyer
Corporate Secretary
Tel: 604.536.2711
Email: ben@gocs.ca
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the satisfaction of conditions and the resumption of trading of the Common Shares on the TSXV, the intended use of the proceeds of the Offering and the intention to complete a Qualifying Transaction. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued business development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers of this news release should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Clover Leaf Capital Corp.
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