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Be the first with the news that moves the market- Pender Growth Fund’s (PTF) portfolio company, Tantalus Systems, has entered into a letter of intent with RiseTech Capital (RTCC.P)
- RiseTech is a capital pool company, which will complete a going-public transaction for Tantalus, to qualify for regular TSXV listing
- In preparation for the transaction, Tantalus plans to conduct an equity offering, to raise approximately C$10.5 million
- Pender Growth Fund (PTF) last traded on September 3, for $3.40 per share
- RiseTech Capital (RTCC.P) last traded on September 4, for 9 cents per share
Pender Growth Fund’s (PTF) portfolio company, Tantalus Systems, has entered into a letter of intent with RiseTech Capital (RTCC.P).
RiseTech is a capital pool company (CPC), which must complete a qualifying transaction before it can gain a regular TSXV listing. The CPC intends to complete this transaction with Tantalus, thereby allowing it to go public.
Tantalus Systems is a private portfolio company, which has been developing technology to do with public power and electric cooperative utilities. Specifically, the company’s technology will enhance the safety, security, reliability, and efficiency of such utilities in North America and the Caribbean Basin.
In preparation for the qualifying transaction, Tantalus plans to conduct an equity offering, in hopes of raising approximately C$10.5 million. The company will use the proceeds to accelerate strategic growth initiatives, and for general working purposes.
The growth initiatives will aim to expand Tantalus’ existing product portfolio through research and development, strategic partnerships, and targeted acquisitions.
Pender Growth’s President and CEO, David Barr, was pleased to see a private technology company within the company’s portfolio having the opportunity to go public.
“This initiative will enable the team at Tantalus to pursue a range of strategies with the potential to accelerate growth.
“With increased awareness of the strength and depth of the Canadian technology sector, we are seeing a very strong pipeline of mature, well-run technology companies set to go public, and we are looking to partner with other companies as they take steps to go public,” he said.
Pender Growth Fund (PTF) last traded on September 3, for $3.40 per share.
RiseTech Capital (RTCC.P) last traded on September 4, for 9 cents per share.
