Green Panda Capital Corp. Announces Closing of Initial Public Offering

TORONTO, July 15, 2019 /CNW/ - Green Panda Capital Corp. (the "Corporation") is pleased to announce that it has completed its initial public offering through its agent Hampton Securities Limited ("Hampton") of 2,188,790 common shares of the Corporation at a price of $0.10 per common share for total gross proceeds of $218,870 pursuant to a prospectus dated April 15, 2019 filed with the Ontario, British Columbia and Alberta Securities Commissions.

The Corporation has received final acceptance to be listed as a capital pool Corporation on the TSX Venture Exchange ("TSXV").  The common shares of the Corporation are expected to commence trading on Tier 2 of the TSXV at the opening of market on or about July 19, 2019 under the trading symbol GPCC.P.

As consideration for its role as agent, the Corporation granted to Hampton a non-transferable option (the "Agent's Option") to purchase up to 175,096 common shares of the Corporation at a price of $0.10 per common share for a period of 24 months until July 15, 2019.  In addition, Hampton received a cash commission in an amount equal to 8% of the gross proceeds of the initial public offering, a work fee of $15,000 and reimbursement of certain expenses.

Upon closing of the initial public offering, the Corporation also granted l incentive stock options to its directors and officers which are exercisable for a period of ten (10) years at an exercise price of $0.10 per share.

As a result of the closing of the initial public offering, the Corporation now has 6,288,700 common shares issued and outstanding (4,100,000 of which are subject to escrow restrictions in accordance with TSXV policies), 175,096 common shares reserved for issuance upon the exercise of the Agent's Option, and 628,870 common shares reserved for issuance upon the exercise of incentive stock options. The escrowed shares will be released in staged releases over a period of 36 months from the completion of the qualifying transaction.

The Corporation's board of directors and management team is comprised of: Xin (Richard) Zhou (Chief Executive Officer, President and Director), Steven Olsthoorn (Chief Financial Officer, Corporate Secretary and Director), Andrew Skafel (Director), Rodney Ireland (Director), and Winfield Ding (Director).

About the Corporation

The Corporation is designated as a Capital Pool Corporation by the TSXV. The Corporation has not commenced commercial operations and has no assets other than cash.  The only business of the Corporation is the identification and evaluation of assets or businesses with a view to completing a "Qualifying Transaction" in accordance with TSXV Policy 2.4 – Capital Pool Companies. The funds raised under the initial public offering will be used to pursue such Qualifying Transaction. For further information regarding the Corporation, the offering, and the Corporation's management team, see the prospectus filed with the Corporation's disclosure documents on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Green Panda Capital Corp.

Xin (Richard) Zhou, President and Chief Executive Officer, [email protected]