Toronto Cleantech Capital Inc. Announces Closing of Initial Public Offering

,

Toronto Cleantech Capital Inc. (TSXV: YAY.P) (“TCTC” or the “Corporation”) recently announced that it has successfully completed its initial public offering of 2,500,000 common shares of the Corporation (“Common Shares”) at a price of $0.10 per Common Share for gross proceeds of $250,000 (the “Offering”). After completion of the Offering, the Corporation now has 11,500,000 Common Shares issued and outstanding.

The President, Chief Executive Officer of Toronto Cleantech Capital Inc. is James Sbrolla, a well-known cleantech expert and entrepreneur.  The Board of Directors of the Corporation include seasoned cleantech professionals experts in business and finance.

Leede Jones Gable Inc. (the “Agent“) acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent non-transferable warrants (the “Agent’s Warrants“) which entitle the Agent to purchase up to 200,000 Common Shares at an exercise price $0.10 per Common Share. The Agent’s Warrants will expire 24 months from the date the Common Shares were listed on the TSX Venture Exchange (the “Exchange“), which was June 30, 2021. In connection with the Offering, the Agent also received a cash commission equal to 8.0% of the gross proceeds of the Offering, a corporate finance fee, and was reimbursed for its legal fees and reasonable expenses.

Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 950,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire five years from the date of grant.

The Corporation is a “capital pool company” and intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the policies of the Exchange. On June 28, 2021, the Exchange issued a bulletin listing the Common Shares as of market open on June 30, 2021, and immediately halting trading pending completion of closing (the “Exchange Bulletin“). The Common Shares are anticipated to resume trading under the trading symbol “YAY.P” on July 6, 2021.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

For further information, please contact:

Toronto Cleantech Capital Inc.
James Sbrolla – President, Chief Executive Officer, and Director

(416) 828-2077
Email: [email protected]