Grande West Transportation Group Inc. Completes Initial Public Offering, Announces Trading Date and Retains the Howard Group
December 19 2013 - 11:13AM
Marketwired
Grande West Transportation Group Inc. Completes Initial Public
Offering, Announces Trading Date and Retains the Howard Group
ALDERGROVE, BRITISH COLUMBIA--(Marketwired - Dec 19, 2013) -
GRANDE WEST TRANSPORTATION GROUP INC. (the "Company" or "Grande
West") (TSX-VENTURE:BUS) is pleased to announce that it has
completed its initial public offering of 10,000,000 common shares
at a price of $0.50 per common share (the "IPO") for gross proceeds
of $5,000,000. Euro Pacific Canada, Inc. and Richardson GMP Limited
(collectively, the "Agents") have been paid a cash commission equal
to 8% (reduced to 4% for the president's list) in respect of the
sale of common shares pursuant to the IPO and Richardson GMP
Limited was paid a cash corporate finance fee. Additionally, the
Company has granted agents' options to the Agents entitling them to
purchase up to 800,000 common shares at an exercise price of $0.50
per common share, exercisable on or before December 13, 2015.
The Company also announces that it has completed a concurrent
private placement of 600,000 common shares at a price of $0.50 per
common share (the "Private Placement") for gross proceeds of
$300,000. A finder has been paid a cash commission equal to 6% in
respect of the sale of common shares pursuant to the Private
Placement. The common shares issued pursuant to the Private
Placement are subject to a four month hold period.
The Company currently has 35,840,000 common shares issued and
outstanding.
The Company's common shares are expected to commence trading on
the TSX-V on Friday, December 20, 2013 under the trading symbol
"BUS".
Grande West's management will be in Toronto at the Exchange
Building located at 130 King Street West "ringing the bell" at the
opening of trading on December 20, 2013. The Vicinity bus will be
on display outside the Exchange Building and management will be
offering viewings and demonstration rides at 10:00 am and 11:00 am
(Toronto time) to interested parties (please RSVP to
lisa@howardgroupinc.com).
Grande West is also pleased to announce that it has retained The
Howard Group as its strategic investor communications advisor. The
Howard Group will direct both traditional and online initiatives
targeting the investment community and the investing public.
Since 1988, The Howard Group has provided comprehensive investor
and capital markets programs, business development solutions,
strategic planning and financing services to public companies. The
Howard Group is associated with the Insight Limited Partnership II,
which invests in micro and small cap companies.
The investor relations agreement with The Howard Group has been
extended for an initial period of 12 months to December 31, 2014.
The Howard Group will be paid a monthly fee of $10,000 and has been
granted an option to purchase up to 358,400 common shares of Grande
West at $0.50 per share. The options vest in equal amounts at the
rate of 25% per quarter and have a three-year term. The principals
of The Howard Group and The Insight II Limited Partnership, which
is associated with The Howard Group, own 320,000 common shares of
Grande West.
For further information on The Howard Group Inc. please visit
www.howardgroupinc.com. In addition to its ongoing services, The
Howard Group Inc. will be providing an ongoing commentary on Grande
West's activities in its "Insight" online newsletter.
Interested parties are encouraged to subscribe to the newsletter
feed: http://howardgroupinsightnewsletter.blogspot.com/.
About the
Company:
Grande West was formed in 2008 to design and develop a 27.5 foot
bus, known as the "Vicinity", in response to a Request for
Information ("RFI") by BC Transit ("BC Transit"), a crown agency of
the Province of British Columbia.
The Vicinity bus is a Canadian designed, community shuttle bus
transportation innovation that was conceived to meet the demand for
a greener compact bus than what was currently available in North
America. It also had to be easily accessible for everyone and
customizable to meet each customer's unique needs, capacity
requirements and seating configuration.
The Grande West team worked closely with BC Transit to create a
unique and innovative transportation solution that met their
specific requirements, developing and amending the specifications
of the Vicinity bus.
The first Vicinity bus prototype was delivered in February 2010
as part of a beta-testing program. The Vicinity bus debuted
appropriately in its first trial during the 2010 Olympic and
Paralympic Games. Initial trials and evaluations of the Vicinity
bus were completed for 21 months during the Vicinity bus' tour of
B.C. being tested in a variety of climate conditions and terrain.
The Vicinity bus has received certification by the Canada Motor
Vehicle Safety Standard, Transport Canada, and the British Columbia
Ministry of Transportation.
Initial deliveries of 15 Vicinity bus occurred in August 2013 to
BC Transit. Sales efforts across Canada have resulted in orders
being received and production commenced for 10 Vicinity buses for
Quebec and for 3 Vicinity buses for a Nova Scotia transit
authority.
ON BEHALF OF THE BOARD OF DIRECTORS
William R. Trainer, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
The Howard Group Inc.Jeff Walker/Lisa MontaniniToll Free:
1-888-221-0915 or (403)
221-0915info@howardgroupinc.comwww.howardgroupinc.com
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