Walmer Capital Corp. (WAL_P.V) announced that on May 4, 2012, it successfully completed its initial public offering raising gross proceeds of $300,000 pursuant to a prospectus dated February 7, 2012. An aggregate of 3 million Common shares in the capital of the Corporation were subscribed for at a price of $0.10 per Share.
The company said it has received conditional listing approval from the Exchange for its Shares and expects that trading will commence on May 8, 2012 under the stock symbol "WAL.P".
Union Securities Ltd. or the "Agent" acted as the agent for the Offering. The Agent received a cash commission equal to 10% of the gross proceeds of the Offering and an option to purchase 300,000 Shares at a price of $0.10 per Share for a period of 24 months from the date of listing of the Shares on the TSX Venture Exchange. The Agent also received a corporate finance fee of $15,000 plus GST.
Following closing of the Offering, Walmer granted 500,000 incentive stock options to its directors and officers which are exercisable within ten years from the date of the grant at an exercise price of $0.10 per share. As a result of the closing of its initial public offering, Walmer now has 5.00 million Shares issued and outstanding (2.00 million of which are subject to escrow restrictions.
by RTT Staff Writer
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