- The Company to Explore Qualifying
Transaction in Emerging Technology Areas -
TORONTO, Sept. 28, 2017 /CNW/ - OV2 Investment 1 Inc.
(the "Company") (TSXV: OVO.P), a Capital Pool Company, is pleased
to announce that it has completed an initial public offering (the
"Offering") pursuant to which it has issued an aggregate of
5,000,000 common shares ("Common Shares") at a price of
$0.10 per Common Share to raise
aggregate gross proceeds of $500,000,
all pursuant to a final prospectus dated July 14, 2017 (the "Prospectus"). Canaccord
Genuity Corp. (the "Agent") acted as agent in the Offering, in
connection with which it received a cash commission, administration
fee and an aggregate of 500,000 compensation options, each such
compensation warrant entitling the holder to acquire one Common
Share at an exercise price of $0.10
expiring 24 months from the date that the Common Shares are listed
on the TSX Venture Exchange (the "TSXV").
Upon closing of the Offering and as disclosed in the Prospectus,
the Company granted 1,000,000 incentive stock options to its Chief
Executive Officer, Chief Financial Officer and directors which are
exercisable for a period of ten years from the date of the grant at
an exercise price of $0.10 per Common
Share. Following the completion of the Offering, the Company has
10,000,000 Common Shares issued and outstanding, 3,000,000 of which
are subject to escrow restrictions as disclosed in the Prospectus.
Trading of the Common Shares on the TSXV commenced at the opening
of business on 28th day of September 2017, under the symbol
"OVO.P".
About the Company
The Company is a capital pool company ("CPC") within the meaning
of the policies of the TSXV that has not commenced commercial
operations and has no assets other than cash. The board of
directors of the Company consists of Sheldon Pollack, Adam
Adamou, Eric Apps and
Babak Pedram. The officers of the
Corporation are Sheldon Pollack and
Adam Adamou. Except as specifically
contemplated in the CPC policies of the TSXV, until the completion
of its "Qualifying Transaction" (as defined therein), the Company
will not carry on business, other than the identification and
evaluation of companies, business or assets with a view to
completing a proposed "Qualifying Transaction".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward Looking Information
This news
release contains statements about the Company's expectations
regarding the completion of the application for listing and the
commencement of trading on the TSXV that are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as final listing approval from the TSXV.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include failure to fulfill conditions of
listing on the TSXV and inability to obtain required regulatory
approvals. The forward-looking statements contained in this press
release are made as of the date hereof, and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, except as required by law.
SOURCE OV2 Investment 1 Inc.