Ankh II Capital Inc. Announces Closing of Initial Public Offering

Vancouver, British Columbia–(Newsfile Corp. – May 12, 2023) – Ankh II Capital Inc. (TSXV: AUNK) (the “Corporation” or “Ankh II“), is pleased to announce that it has completed its initial public offering (the “Offering“) today of 4,041,800 common shares in the capital of the Corporation (the “Common Shares“) at a purchase price of $0.10 per Common Share by way of a prospectus for gross proceeds of $404,180.00. On May 10, 2023, the TSX Venture Exchange (the “Exchange“) issued a bulletin approving the listing of the Common Shares as of market open on May 12, 2023 and immediately halting trading pending completion of closing of the Offering. The Common Shares will begin trading under the ticker symbol “AUNK.P” on or about May 16, 2023.

Following completion of the Offering, the Corporation has 6,041,801 Common Shares issued and outstanding, 2,395,001 of which are subject to escrow restrictions pursuant to policies of the Exchange.

PI Financial Corp. (the “Agent“) acted as agent in connection with the Offering. For its services, the Agent received a corporate finance fee, a commission in the amount equal to 10% of the gross proceeds of the Offering and additional consideration comprised of agent’s share purchase options in an aggregate amount equal to 10% of the Common Shares issued pursuant to the Offering registered in the name of the Agent or as the Agent may otherwise direct (the “Agent’s Options“). Each Agent’s Option will entitle the holder thereof to acquire one common share in the capital of the Corporation (each, a “Common Share“) at an exercise price of $0.10 per Common Share, expiring on the date that is sixty (60) months from the date of the listing and posting of the Common Shares on the TSX Venture Exchange.

Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 604,179 Common Shares at an exercise price of $0.10 per Common Share to the directors and officers of the Corporation, which expire five years from the date of grant. For more information, please refer to the Corporation’s final prospectus dated February 14, 2023.

The current directors of the Corporation are: Roger Milad, Gary Musil and Rick Skeith.

The net proceeds of the Offering, together with the proceeds from prior sales of Common Shares will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the capital pool company program of the Exchange.

Dentons Canada LLP acted as legal counsel to the Corporation and DS Lawyers Canada LLP acted as counsel to the Agent.

For more information, please contact Roger Milad, the Chief Executive Officer and Chief Financial Officer of the Corporation.

Roger Milad, CEO and CFO
roger@friendshipfoods.net
(604) 690-2680

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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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Corporation’s stated use of proceeds and satisfaction of conditions and the resumption of trading of Ankh II’s common shares. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Ankh II disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 NOT FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165880