Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., March 19 - Race Capital Corp. said it will raise between C$1.75 million and C$2 million in a non-brokered private placement of stock conducted in connection with its qualifying transaction.
The company will sell between 8.75 million and 10 million common shares at C$0.20 per share, a 100% premium to the March 16 closing share price of C$0.10.
The company also said it has entered into an agreement with Naturally Splendid Enterprises Ltd. under which the company will acquire all of Naturally Splendid's outstanding shares, which will constitute the company's qualifying transaction.
Race Capital will issue a total of 11.6 million common shares to the shareholders of Naturally Splendid. Each Naturally Splendid shareholder will receive about 0.785 Race Capital shares in exchange for each Naturally Splendid common share.
Proceeds from the placement will be used to fund the newly formed company's business plan. After completing the qualifying transaction, Race Capital plans to change its name to Naturally Splendid Enterprises Ltd. and its common shares will be listed under a new trading symbol.
Race Capital is a capital pool company in Vancouver, B.C.
| Issuer: | Race Capital Corp.
|
| Issue: | Common stock
|
| Amount: | C$1.75 million (minimum), C$2 million (maximum)
|
| Shares: | 8.75 million (minimum), 10 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | March 19
|
| Stock symbol: | TSX Venture: RCE.P
|
| Stock price: | C$0.10 at close March 16
|
| Market capitalization: | C$400,000
|
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