TORONTO, ONTARIO--(Marketwired - July 7, 2014) - Searchtech Ventures Inc. (the "Corporation"), is pleased to announce that it has completed its initial public offering (the "Offering") today of 6,847,000 common shares (the "Common Shares") at a purchase price of $0.10 per Common Share by way of a prospectus for gross proceeds of $684,700.
The Corporation is a Capital Pool Company as defined in the policies of the TSX Venture Exchange Inc. (the "Exchange"). To date, the Corporation has not conducted operations of any kind and has not entered into an "Agreement in Principle", as such phrase is defined in Exchange Policy 2.4 - Capital Pool Companies.
M Partners Inc. ("M Partners") acted as agent in connection with the Offering. For its services, M Partners received a cash commission equal to 8% of the gross proceeds of the Offering as well as options to purchase up to 547,760 Common Shares at an exercise price of $0.10 per Common Share, exercisable within twenty-four months from the listing of the Common Shares on the Exchange.
Upon the closing of the Offering, there are 11,803,598 Common Shares issued and outstanding, of which 4,138,599 Common Shares are being held in escrow.
It is expected that the Common Shares will be admitted for trading on the Exchange under the trading symbol "MJN.P" at the opening of the market on July 14, 2014 or such other date as the Exchange may determine.
Neither the 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.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.
FOR FURTHER INFORMATION PLEASE CONTACT:
Searchtech Ventures Inc.Alan Rootenberg
Chief Executive Officer, Chief Financial Officer
and a director of the Corporation
Source: Searchtech Ventures Inc.