VANCOUVER, BC / ACCESSWIRE / July 31, 2024 / Tablas Ventures Corp. (TSXV:TAB.H) ("Tablas" or the "Company") announces that it has closed its previously announced non-brokered private placement, in which it raised gross proceeds of $250,000.
This placement consisted of 5,000,000 common shares of the Company at a price of five cents per common shares (the "Financing"). All common shares issued in connection with the Financing are subject to a hold period expiring December 01, 2024. No finder's fees were payable in connection with the Financing. The Company intends to use the proceeds of the Financing for general working capital purposes.
Subsequent to the Financing, the Company has 8,560,598 common shares issued and outstanding.
Early Warning Disclosure
Prior to closing of the Financing, The Emprise Special Opportunities Fund (2017) Limited Partnership ("LP2017"), of Vancouver, British Columbia, owned and controlled 75,846 Common Shares, representing approximately 2.13% of the outstanding Common Shares on a non-diluted basis. Pursuant to the Financing, LP2017 acquired 3,600,000 Common Shares at a price of $0.05 per Common Share, representing approximately 42.05% of the outstanding Common Shares on a non-diluted basis. Following closing of the Financing, LP2017 owns and controls 3,675,846 Common Shares, representing approximately 42.94% of the issued and outstanding Common Shares on an undiluted basis. Neither the Company nor, to the knowledge of the Company after reasonable inquiry, LP2017, have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.
The Company has been advised that the securities noted above were acquired by LP2017 for investment purposes, and LP2017 does not have any present intention to acquire further securities of the Company, although it may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant.
To obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation, please go to the Company's profile on SEDAR+ at www.sedarplus.ca or please reach out to Scott Ackerman at 778-331-8505.
Sale of Sparx Technology Corp.
Further to the Company's new release dated July 12, 2024, announcing the sale of its primary operating subsidiary, iPowow USA Inc., the Company also announces that it has completed the sale of its Canadian subsidiary, Sparx Technology Corp. ("Subco") to companies controlled by former directors Drew Craig and Brian Brady. Subco has no current operations. In consideration for the transaction the Company was forgiven all debt owed to the purchasers. The transaction was approved by the Company's non-interested shareholders at its shareholders meeting held on May 31, 2024.
Management Changes
The Company further announces that Scott Ackerman, Doug McFaul, and Peter Dickie have been appointed as directors of the Company, replacing Drew Craig, Brian Brady, and Andy Batkin, who have resigned as directors of the Company. In addition, Scott Ackerman has been appointed CEO, CFO and Corporate Secretary, replacing Al Thorgeirson and Spencer Trentini, who have resigned as officers of the Company. The Company wishes to thank the outgoing directors and officers for their service to the Company.
Grant of Options
The Company also announces that it has granted an aggregate of 850,000 incentive stock options to directors and a consultant of the Company. The options have an exercise price of $0.05 per share and expire on July 31, 2029.
The Company currently does not have an active business and will be seeking a new business opportunity, with a view to graduating back to the main board of the TSX Venture Exchange (the "Exchange").
Effective at the opening of trading on Friday, August 2, 2024, shares of the Company will resume trading on the NEX Board of the Exchange.
On behalf of the Board
Scott Ackerman
CEO and Director
For further information, please contact:
Scott Ackerman
CEO and Director
(778) 331-8508
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements included in this news release, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature, are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be, but are not always, identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, and related matters, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning the Company, or future developments, circumstances or results will materialize. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
SOURCE: Tablas Ventures Corp.