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Maple Peak closes $300,000 IPO, trading resumes Oct. 3

2014-10-02 02:34 ET - News Release

Mr. Dennis Tam reports

MAPLE PEAK INVESTMENTS INC. COMPLETES INITIAL PUBLIC OFFERING OF $300,000

Maple Peak Investments Inc. has completed its initial public offering. Pursuant to the IPO, the company issued three million common shares at a price of 10 cents per share for aggregate gross proceeds to the company of $300,000.

The company is a capital pool company as that term is defined in the polices of the TSX Venture Exchange. The company has not commenced operations and has no assets other than cash. The net proceeds of the IPO will be used by the company to identify and evaluate assets and businesses for acquisition with a view to completing a qualifying transaction (as defined in the policies of the exchange) in accordance with the policies of the exchange and to add shareholder value.

The company's common shares were listed for trading on Tier 2 of the exchange under the symbol MAP.P on Oct. 1, 2014, and were immediately halted pending the completion of the IPO. The company expects the common shares to resume trading on Oct. 3, 2014.

Canaccord Genuity Corp. acted as agent in respect of the IPO. The company paid the agent a cash commission equal to 10 per cent of the proceeds and an administration fee. In addition, the company granted the agent an aggregate of 300,000 non-transferable warrants. Each agent's warrant entitles its holder to purchase one common share at a price of 10 cents per common share for a period of 24 months from the date on which the common shares were listed on the exchange. The company also granted the agent a right of first refusal to participate in any further brokered financing of equity or securities convertible into equity, or to provide sponsorship services for any qualifying transaction of the company for a period of 24 months from the listing date.

A total of 52 million common shares were issued prior to the IPO for gross proceeds of $4.7-million. The company has 55 million common shares issued and outstanding post-IPO, with the directors and officers of the company holding in aggregate 44.52 million escrow common shares.

The company granted incentive stock options to buy an aggregate of 5.5 million shares to its directors and officers. Each option entitles its holder to purchase one common share at a price of 10 cents per common share for a period of 10 years from the listing date.

We seek Safe Harbor.

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