Toronto, Ontario--(Newsfile Corp. - November 30, 2018) - BB1 Acquisition Corp. (TSXV: BBA.P) (the "
Corporation") is pleased
to announce that it has completed an initial public offering of 5,000,000 common shares of the Corporation (the "
Common
Shares") at a price of $0.10 per Common Share for gross proceeds of $500,000 (the "
Offering").
Following the closing of the Offering, a total of 15,000,000 Common Shares are issued and outstanding, of which 10,100,000 are
currently held in escrow pursuant to the policies of the TSX Venture Exchange (the "Exchange").
The current directors and officers of the Corporation are Stephen Shefksy, Chief Executive Officer and a Director, Jennifer Ta,
Chief Financial Officer and Corporate Secretary, Eric Szustak, Director, Solomon (Sam) Pillersdorf, Director, Mark Brennan,
Director and Wayne Egan, Director. The net proceeds of the Offering, together with proceeds from prior sales of Common Shares will
be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying
Transaction" under the capital pool company program of the Exchange.
Canaccord Genuity Corp. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Corporation
granted to the Agent non-transferable warrants to acquire up to an aggregate of 500,000 Common Shares at a price of $0.10 per
Common Share at any time until November 30, 2020. The Agent also received a cash commission equal to 10% of the aggregate gross
proceeds from the sale of the Common Shares under the Offering.
Upon the closing of the Offering, the Corporation also granted stock options to the directors and officers of the Corporation
exercisable to acquire up to an aggregate of 600,000 Common Shares at any time until November 30, 2023 at a price of $0.10 per
Common Share.
The Common Shares will commence trading on the Exchange today under the stock symbol "BBA.P", subject to receipt by the Exchange
of acceptable documentation regarding completion of the Offering.
Detailed information regarding the Offering and the Corporation's directors is contained within the final prospectus of the
Corporation dated October 5, 2018, which is available to the public on at www.sedar.com.
For further information please contact:
Stephen Shefsky
Chief Executive Officer
(416) 366-4200
Cautionary Notes
The information in this news release includes certain information and statements about management's view of future events,
expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and
indicated by these forward looking statements. Forward-looking statements in this news release include, but are not limited
to, the ability of the Corporation to complete a qualifying transaction. Any number of factors could cause actual results to
differ materially from these forward-looking statements as well as future results. Although the Corporation believes that
the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any
forward looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and
assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors affecting such forward looking statements or
otherwise.
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES
NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
