VANCOUVER, BC, Aug. 23,
2022 /CNW/ - Hydaway Ventures Corp. (the
"Company") (TSXV: HIDE.P), a capital pool company, is
pleased to announce that it has successfully completed its initial
public offering (the "IPO") of 2,500,000 common shares of
the Company ("Common Shares") at a price of $0.10 per Common Share for aggregate gross
proceeds of $250,000. Following the
closing of the IPO, the Company has 4,500,001 Common Shares issued
and outstanding, of which 2,000,001 Common Shares are currently
held in escrow pursuant to the policies of the TSX Venture Exchange
(the "TSX-V").
Leede Jones Gable Inc. acted as agent (the "Agent") for
the IPO. The Company paid to the Agent a cash commission equal to
10% of the aggregate gross proceeds of the IPO and granted to the
Agent non-transferable warrants to purchase 250,000 Common Shares
at a price of $0.10 per Common Share
until August 23, 2024. The Agent also
received a corporate finance fee of $15,750, including applicable taxes.
The net proceeds of the IPO, together with the proceeds from
prior sales of Common Shares will be used by the Company to
identify and evaluate assets or businesses for acquisition with a
view to completing a "Qualifying Transaction" under the capital
pool company program of the TSX-V.
The Company is also pleased to announce that it has received
approval of its application to list its common shares on the TSX-V.
The Company's common shares were listed on the TSX-V on
August 23, 2022 and immediately
halted pending closing of the IPO. The common shares of the Company
will commence trading on the TSX-V on August
25, 2022 under the trading symbol "HIDE.P".
At the closing of the IPO, the Company also granted stock
options (the "Options") to directors and officers of the
Company to acquire up to an aggregate of 275,000 Common Shares
exercisable at a price of $0.10 per
Common Share until August 23,
2027.
In addition, Robin Gamley, Chief
Executive Officer, Chief Financial Officer, Corporate Secretary,
and a director of the Company, announces that he has filed an early
warning report announcing that on August 23,
2022, on closing of the IPO, the Company granted to Mr.
Gamley Options to acquire up to 225,000 Common Shares. Prior to the
closing of the IPO, Mr. Gamley owned and controlled 1,200,001
Common Shares representing 60% of the outstanding Common Shares on
a non-diluted basis. Following closing of the IPO and the grant of
the Options to Mr. Gamley, Mr. Gamley now owns and controls
1,200,001 Common Shares and Options to acquire up to 225,000 Common
Shares, representing approximately 26.67% of the outstanding Common
Shares on a non-diluted basis and approximately 30.16% on a
partially diluted basis assuming the exercise of Mr. Gamley's
Options.
The grant of Options to Mr. Gamley resulted in a partially
diluted ownership change of greater than 2% and the filing of an
early warning report for Mr. Gamley.
The securities of the Company held by Mr. Gamley are held for
investment purposes. Mr. Gamley has a long-term view of the
investment and may acquire additional securities of the Company
either on the open market or through private acquisitions or sell
the securities on the open market or through private dispositions
in the future depending on market conditions, reformulation of
plans and/or other relevant factors.
A copy of Mr. Gamley's early warning report will appear on the
Company's profile on the System for Electronic Document Analysis
and Retrieval ("SEDAR") at www.sedar.com.
About the Company
For further information, please see the final prospectus of the
Company dated June 22, 2022 filed on
SEDAR or contact Robin Gamley, the
Chief Executive Officer, Chief Financial Officer, Corporate
Secretary and a Director of the Company, at 604.689.7422 or
rob@contactfinancial.com.
Forward-Looking
Statements
The information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions, and expectations. They are
not guarantees of future performance. The Company cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
many of which are beyond the Company's control. Such factors
include, among other things: risks and uncertainties relating to
the Company's limited operating history and the need to comply with
environmental and governmental regulations. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions, and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, the Company undertakes no
obligation to publicly update or revise forward-looking
information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Hydaway Venture Corp.