March 20, 2018
TWO OWLS VENTURES CORP. COMPLETES INITIAL PUBLIC OFFERING AS A CAPITAL POOL COMPANY
Vancouver, British Columbia, Canada – Two Owls Ventures Corp. (“Two Owls”) is pleased to announce that it has completed its initial public offering of 4,000,000 common shares (the “IPO”) raising gross proceeds of $400,000 (the “Proceeds”) pursuant to a prospectus dated February 8, 2018. A total of 4,000,000 common shares in the capital of Two Owls (the “Shares”) were subscribed for at a price of $0.10 per Share.
Leede Jones Gable Inc. acted as agent for the IPO (the “Agent”). The Agent received a cash commission equal to 10% of the Proceeds and a corporate finance fee of $10,000 plus G.S.T. in connection with the IPO as well as options to purchase 400,000 Shares at a price of $0.10 per share (“Agent’s Options”) for a period of 24 months from the date that Two Owls begins trading on the TSX Venture Exchange (the “Exchange”). Two Owls also granted to its directors and officers incentive stock options to acquire 620,000 Shares at a price of $0.10 per Share, exercisable for a period of two years from the date Two Owls begins trading on the Exchange (the “Director’s Options”).
Two Owls is a capital pool company (“CPC”) within the meaning of the policies of the Exchange. Two Owls has not commenced operations and has no assets other than cash. The Shares have been conditionally approved for listing on the Exchange under the trading symbol “OWL.P”.
As a result of the IPO, Two Owls now has 6,200,000 Shares issued and outstanding with 400,000 Shares reserved for issuance upon the exercise of the Agent’s Options and 620,000 Shares reserved for issuance upon the exercise of the Director’s Options.
About Two Owls
Two Owls is a newly formed CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value. Except as specifically contemplated in the CPC Policy of the Exchange, until the completion of the qualifying transaction, Two Owls 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:
Chief Executive Officer and Chief Financial Officer
Telephone: (604) 629-2991