FRNT FINANCIAL INC. ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 17, 2022 /CNW/ - FRNT Financial Inc. ("FRNT" or the "Company") is pleased to announce the pricing of its initial public offering of a minimum of 2,666,667 common shares (the "Common Shares") in the capital of the Company (the "Minimum Offering") and a maximum of 4,000,000 Common Shares ("Maximum Offering" and, together with the Minimum Offering, the "Offering") at a price to the public of $1.50 per Common Share for aggregate gross proceeds of $4,000,000, in the event of the Minimum Offering, and $6,000,000 in the event of the Maximum Offering. The Offering of Common Shares is qualified by the Company's final prospectus dated March 4, 2022, which was filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec. FRNT intends to use the proceeds from the offering for the purposes of scaling the operations of the Company, building-out the Company's capital base, assessing and pursuing potential investment opportunities, and for general corporate purposes.
The Offering is being completed pursuant to an agency agreement entered into between the Company and PI Financial Corp., as lead agent, and a syndicate of agents, including Canaccord Genuity Corp. and Haywood Securities Inc. Closing of the Offering is tentatively scheduled for April 14, 2022, subject to customary closing conditions.
The Company has received conditional approval for the listing of the Common Shares, on the TSX Venture Exchange (the "Exchange") under the symbol "FRNT". Listing is subject to the Company fulfilling all of the requirements of the Exchange on or before May 24, 2022, including distribution of the Common Shares to a minimum number of public holders.
Stéphane Ouellette, CEO & Co-Founder of FRNT, states: "FRNT's public market debut through a traditional IPO offering was purposeful in providing shareholders with diligence, transparency, and a clean capital structure. Throughout this process, our team has been quietly growing our business lines with a diverse institutional investment banking suite in cryptocurrency and other alternative markets."
A copy of the Company's final prospectus is available on SEDAR at www.sedar.com under the Company's profile.
The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States or to or for the account or benefit of a person in the United States or a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act, a "U.S. Person") unless an exemption from the registration requirements of the U.S. Securities Act is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or to or for the account or benefit of a person in the United States or a U.S. Person.
About FRNT Financial Inc.
FRNT Financial is a next generation institutional sales and trading platform. The Company intends to present a new set of opportunities targeted to permitted clients and institutional investors while maintaining a lean, technology-forward operation. FRNT is focused on delivering expertise and products to institutional clients that allow them to effectively access alternative cryptocurrency trade opportunities. The Company was founded in 2018 by CEO Stéphane Ouellette, and is headquartered in Toronto, Ontario.
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.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the closing of the Offering, the ability of the Company to fulfil the requirements of the Exchange and receive final approval to list its Common Shares, the general risks associated with the speculative nature of the Company's business, current global financial conditions, uncertainty of additional capital, price volatility, no history of earnings, government regulation in the industries in which the Company operates, political and economic risk, absence of public trading market, arbitrary offering price, dilution to Common Shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's final prospectus. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE FRNT Financial Inc.
Investor Relations: Jackie Kelly, [email protected], 416-301-294
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