Royal Lifescience Corp. Closes Initial Public Offering
300 – 576 Seymour Street Vancouver, British Columbia V6B 3K1
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ROYAL LIFESCIENCE CORP. CLOSES INITIAL PUBLIC OFFERING
April 30, 2012 TSX Venture Exchange Trading Symbol: RLS.P
Vancouver, British Columbia – Royal Lifescience Corp. (the “Company”) is pleased to announce that it has successfully completed its initial public offering (the “Offering”) of 4,000,000 common shares (the “Offered Shares”) at a price of $0.10 per Offered Share for gross proceeds of $400,000 with Canaccord Genuity Corp. (“Canaccord”), as agent. As a result of this issuance, the Company now has 6,000,000 common shares issued and outstanding.
In connection with the Offering, the Company granted options to Canaccord to acquire an aggregate of 400,000 common shares of the Company (the “Agent’s Options”) at an exercise price of $0.10 per common share. The Agent’s Options will expire 24 months from the date the Company’s common shares are listed on the TSX Venture Exchange Inc. (the “Exchange”). Canaccord also received a cash commission equal to 10% of the gross proceeds of the Offering, along with a corporate finance fee and a reimbursement of the Agent’s legal fees and reasonable expenses.
The Company has also granted options to acquire an aggregate of 600,000 common shares of the Company at an exercise price of $0.10 per option to the directors and officers of the Company, which expire 5 years from the date of grant.
The Company is a capital pool company under the policies of the Exchange. Pursuant to the Exchange bulletin dated April 27, 2012, the Exchange listed and immediately halted the common shares of the Company pending receipt of certain documentation by the Exchange. The Company now intends to make application for final approval and it is expected that its common shares will commence trading on the Exchange under the trading symbol “RLS.P”.
Additional information relating to the Company and the Offering can be found in the amended and restated prospectus of the Company dated April 4, 2012 available online at www.sedar.com.
Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
On behalf of the Board of Directors
“Craig D. Thomas”
Craig D. Thomas Chief Executive Officer Chief Financial Officer Director For further information please contact:
Craig D. Thomas Telephone: (604) 688-6775
Neither the TSX Venture Exchange not 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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX-V. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if they do occur, what benefits the Company will obtain from them.