XIB I Capital Corp. Completes Initial Public Offering

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TSX VENTURE EXCHANGE: XIB.P

VANCOUVER, Dec. 12, 2018 /CNW/ - XIB I Capital Corp. ("XIB") (TSX Venture: XIB.P) is pleased to announce that it has completed its initial public offering as a capital pool company ("CPC").

On December 12, 2018, XIB completed an initial public offering of 3,000,000 common shares at a price of $0.10 per share for gross proceeds to XIB of $300,000 to purchasers in Alberta, British Columbia and Ontario.  PI Financial Corp. acted as sole lead agent in respect of the offering and received a cash commission, a corporate finance fee and an option to acquire 10% of the aggregate number of shares sold pursuant to the offering for a period of 24 months from the date of listing of the common shares on the TSX Venture Exchange (the "Exchange") at an exercise price of $0.10 per common share.

XIB has filed the requisite post-closing documentation with the Exchange in order to obtain final approval of the listing of the common shares.

The directors and officers of XIB are Ted Browne, Jonathan Conlin, Frederic Leigh, Michael Young and Fabian Monaco.  Detailed information regarding each director is contained within the final prospectus dated November 9, 2018, which is available to the public at www.sedar.com. 

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available.  This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in the United States.

Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.

XIB is a CPC governed by the policies of the Exchange.  XIB's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.  

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.

Notice on Forward-Looking Information

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. XIB cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond XIB's control. Such factors include, among other things: XIB's ability to identify, evaluate and complete a Qualifying Transaction and other risks and uncertainties, including those described in XIB's final prospectus dated November 9, 2018 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, XIB undertakes no obligation to publicly update or revise forward-looking information.

SOURCE XIB I Capital Corp.