Florence One Announces Completion of Initial Public Offering

Calgary, Alberta–(Newsfile Corp. – September 12, 2022) – Florence One Capital Inc. (TSXV: FONC.P) (the “Corporation“), a capital pool company, is pleased to announce that it has completed its initial public offering of 2,542,000 common shares at the price of $0.10 per common share for gross proceeds of $254,200 (the “Offering“) and has filed for listing as a Capital Pool Company (as defined by the TSX Venture Exchange Policies) on the TSX Venture Exchange (the “TSXV“). PI Financial Corp. (the “Agent“) acted as agent for the Offering. The common shares of the Corporation were approved for listing on the TSXV on September 8, 2022 and are expected to commence trading on the TSXV on or about September 14, 2022 under the trading symbol “FONC.P”.

As a result of the closing of the Offering, the Corporation now has 16,042,000 common shares issued and outstanding, 6,550,000 common shares of which are subject to TSXV escrow restrictions, 254,200 common shares reserved for issuance upon the exercise of agent’s options granted upon completion of the Offering exercisable at a price of $0.10 per common share within 36 months from the date of issuance (the “Agent’s Options“) and 1,604,200 common shares reserved for issuance upon the exercise of stock options issued to directors and officers of the Corporation exercisable at a price of $0.10 per common shares within 120 months from the date hereof.

The Agent received a cash commission equal to 10% of the total gross proceeds of the Offering, a corporate finance fee and the Agent’s Options are exercisable at a price of $0.10 per common share up to September 12, 2025.

The net proceeds of the Offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” pursuant to the Capital Pool Company program of the TSXV as disclosed in the Corporation’s final prospectus dated June 14, 2022.

The following individuals comprise the Corporation’s board of directors and management team: Mohammad Fazil as President, Chief Executive Officer, Chief Financial Officer, Secretary-Treasurer, Director, Scott Reeves (Director), James Tworek (Director), Qiang (Max) Guo (Director), Viswanathan Karamadam (Director), and Emmanuel Paul (Director).

ABOUT THE CORPORATION
The Corporation is a capital pool company (a “CPC”) that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSXV’s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction

FOR FURTHER INFORMATION, PLEASE CONTACT:
Florence One Capital Inc.
Mohammad Fazil, President, Chief Executive Officer, Chief Financial Officer, Secretary-Treasurer, Director
Telephone: (403) 613-7310
Email: mfazil@lionparkcapital.com

FORWARD-LOOKING STATEMENTS
The forward-looking statements contained in this press release are made as of the date of this press release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.

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