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TUP Capital Announces Closing of Initial Public Offering


TORONTO, ON / ACCESSWIRE / May 31, 2021 / TUP Capital Inc. (TSXV:TUP.P) (the "Company"), a capital pool company formed pursuant to Policy 2.4 of the Corporate Finance Manual of the TSX Venture Exchange (the "TSXV"), is pleased to announce that it has completed its initial public offering (the "Offering") pursuant to which it has issued 7,500,000 common shares in the capital of the Company (each, a "Share") at a price of $0.10 per Share pursuant to a final prospectus dated May 3, 2021 (the "Prospectus").

In connection with the Offering, the Company paid a cash commission of $75,000, representing 10% of the gross proceeds of the Offering, and a corporate finance fee of $15,000 plus applicable taxes to the Company's agent, Echelon Wealth Partners Inc. ("Echelon"). In addition, Echelon and certain sub-agents in connection with the Offering were issued an aggregate of 750,000 non-transferable compensation options, each of which is exercisable into one Share at a price of $0.10 per Share until May 31, 2026.

The Company intends to use the net proceeds from the Offering for examination and possible participation in, or acquisition of, assets or businesses with a view to completing a "Qualifying Transaction", as defined in Policy 2.4.

Following the closing of the Offering, the Company has 11,900,000 Shares issued and outstanding, of which 4,400,000 Shares have been placed in escrow pursuant to an escrow agreement dated May 3, 2021 among the Company, TSX Trust Company, as escrow agent, and certain shareholders of the Company. The Shares were listed for trading on the TSXV effective as of 5:01 p.m. on Friday May 28, 2021 and trading in the Shares on the TSXV is expected to commence effective as of market open today.

The Company has also granted an aggregate of 1,189,996 incentive stock options to certain directors, officers and technical consultants, as outlined in the Prospectus, each of which is exercisable into one Share at a price of $0.10 per Share until May 31, 2031.

On behalf of the board of directors of the Company:

Paul Barbeau
Chief Executive Officer
Telephone: 613-232-1567, extension: 201

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.

Disclaimer for Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" or "forward-looking statements" under applicable securities laws. Forward-looking statements reflect management's current view of future events, expectations, plans and prospects with respect to the Company and include statements regarding the expected timing of commencement of trading on the TSXV and the Company's expected use of proceeds of the Offering. These statements are based upon assumptions that are subject to significant risks and uncertainties, including that the Company may be unable to identify a Qualifying Transaction or that matters may arise that delay the timing of commencement of trading. Because of these risks and uncertainties, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurances that any will prove to be correct. The forward-looking statements in this release are made as of the date of this release. Except as required by applicable laws, the Company 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.

SOURCE:TUP Capital Inc.

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