Vancouver, British Columbia – December 20, 2019: Optimum Ventures Ltd. (the “Company”) is pleased to announce that it has completed its initial public offering (“IPO”) in which it distributed 4,255,000 common shares of the Company at a price of $0.15 per common share for aggregate gross proceeds of $638,250. The Company’s common shares were listed on the TSX Venture Exchange at market open on December 20, 2019 immediately halted. Trading of the common shares is expected to resume on the TSX Venture Exchange on or about Thursday, January 2, 2020 under the trading symbol “OPV”.
Pursuant to the agency agreement dated September 27, 2019, Mackie Research Capital Corporation (the “Agent”) acted as agent in respect of the IPO on a commercially reasonable efforts basis. The Agent exercised its over-allotment option to the extent of 255,000 shares. The Agent received a cash commission and an aggregate of 425,500 non-transferable share purchase warrants, each entitling its holder to purchase one common share of the Company for $0.15 at any time until December 20, 2021. The Agent also received a corporate finance fee.
The net proceeds of the IPO will primarily be used to fund the exploration expenditures and option payments on the Riverside Property, consisting of the Riverside Claim Group and the Mineral Basin Group, on which the Company has an option to acquire up to a 100% interest pursuant to option assignment agreements dated December 8, 2017, as well as for expenses of the IPO, general and administrative costs for the next twelve months, and for general working capital purposes.
As a result of the closing of the IPO, the Company now has 21,905,000 common shares issued and outstanding.
Additional information on the Company, the IPO and the Riverside Property can be found in the Company’s final prospectus dated September 27, 2019 as filed on SEDAR at www.sedar.com.
Contact Information – For more information, please contact:
Jeremy Ross, Director
This press release contains “forward‐looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the date of first trading in the Company’s common shares and its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Riverside Property. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company’s final long form prospectus dated September 27, 2019 and filed under the Company’s profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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.