CarbonTech Capital Corp. announces the closing of an initial public offering

Toronto, Ontario–(Newsfile Corp. – June 9, 2022) – CarbonTech Capital Corp. (TSXV: CT.P) (the “society” Where “Carbon Tech“) is pleased to announce that it has completed its initial public offering (the “Offer“) of 5,000,000 ordinary shares of the capital of the Company (“Ordinary actions“) at a purchase price of $0.10 per common share by prospectus for gross proceeds of $500,000.

The Company is a capital pool company (as defined in the policies of the TSX Venture Exchange (the “Swap“)). To date, the Company has not conducted any transaction of any kind and has not entered into any “agreement in principle”, as this term is defined in the Exchange Policy 2.4 – Companies start-up capital.

When combined with the Company’s cash proceeds raised prior to the Offering ($615,422 in seed funding, as further described in the Company’s prospectus dated April 7, 2022), the Company raised proceeds total gross of $1,115,422 and has a total of 17,308,439 common shares issued and outstanding, of which 12,308,439 are held in escrow. The net proceeds will be used to identify and value the assets of companies to be acquired in order to complete a “qualifying transaction” under the Capital Pool Company program on the Exchange.

Richardson Wealth Limited (the “Agent“) acted as agent in connection with the Offer. For its services, the Agent received a cash commission of $50,000, equivalent to 10% of the gross proceeds of the Offering as well as options to purchase up to 500,000 common shares at a price of 0.10 $ per common share, exercisable within five years of the listing of the common shares on the Exchange.

In addition, the Company has granted its directors and officers a total of 410,000 stock options (“Choice“) at an exercise price of $0.10 per share for a period of five years from the date of grant. Options granted will vest over three years, with one-third vesting on each of the first, second and third anniversaries of the grant date. The options and underlying common shares will be subject to escrow, as further described in the Company’s prospectus dated April 7, 2022.

The Common Shares have been admitted to trading on the Exchange and will trade under the symbol “CT.P”.

Dentons Canada LLP acted as legal counsel to the company and Gowlings WLG LLP acted as legal counsel to the agent.

For more information, please contact Andrew Shapack, Chief Financial Officer and Director of the Company.

Andrew Shapack
[email protected]

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.

CAUTION REGARDING FORWARD-LOOKING INFORMATION: This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the satisfaction of conditions and the resumption of trading in the common stock of CarbonTech. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of ongoing development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. CarbonTech disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.


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