Rumbu Holdings Announces Completion of Initial Public Offering

Calgary, Alberta–(Newsfile Corp. – December 20, 2021) – Rumbu Holdings Ltd. (TSXV: RMB) (the “Company”) announces that the Company, a Capital Pool Company, has completed its initial public offering (the “Offering”). In the Offering, the Company raised $400,000 by an initial public offering of 4,000,000 Common Shares at a price of $0.10 per Share in the Provinces of Alberta and British Columbia. The Corporation has submitted all required documentation to the TSX Venture Exchange (“TSXV“) for final listing approval and anticipates that trading will commence before year end, under the trading symbol “RMB”.

In the Offering, PI Financial Corp. (the “Agent“) acted as agent for the Company’s Offering. As part of the compensation paid to the Agent for its services in connection with the Offering, the Company paid Agent’s commissions of $40,000, which represented 10% of the aggregate gross proceeds of the Offering. The Agent and its subagents also received 400,000 Agent’s Options entitling the Agent and its subagents to acquire an aggregate of 400,000 Common Shares at an exercise price of $0.10 per Common Share, which Options expire sixty (60) months from the date of listing of the Common Shares on the TSXV.

Following completion of the Offering, the Company has 6,500,000 Common Shares issued and outstanding, of which 2,500,000 are subject to escrow in accordance with TSXV policies. The Officers of the Company are Ross O. Drysdale as President and CEO and Shelina Hirji as Chief Financial Officer, who are both Directors of the Company in addition to J. Michael Sullivan, Shane A. Wylie and Daryl Lockyer.

The net proceeds of the Offering, together with the proceeds from prior sales of the Common Shares of the Company, will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the capital pool company program pursuant to Policy 2.4 of the TSXV. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

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.

For further information, please see the Prospectus of the Company dated September 28, 2021, filed on SEDAR, or please contact:

Ross O. Drysdale
President and Chief Executive Officer
Rumbu Holdings Ltd.
Telephone: (403) 585-3737
Email: ross@drysdalelaw.com

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Company’s business plans. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

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Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

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 press release. This press release is not for distribution in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108117