Sarment Holding Limited (“Sarment”) today announced the successful closing of its initial public offering (the “Offering”) of an aggregate of 6,057,553 ordinary shares of Sarment (“Ordinary Shares”) at a price of $3.15 per Ordinary Share (the “Offering Price”) for total gross proceeds of CAD$19,081,291.95.
The Ordinary Shares will commence trading today on the TSX Venture Exchange under the symbol “SAIS”.
The Offering was managed by a syndicate of agents led by Haywood Securities Inc. as sole bookrunner, and including Canaccord Genuity Corp., Cormark Securities Inc. and Paradigm Capital Inc. (collectively, the “Agents”).
Sarment has granted the Agents an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 908,632 Ordinary Shares at the Offering Price of $3.15 per Ordinary Share for additional gross proceeds of approximately CAD$2,862,190.80, assuming the Over-Allotment Option is exercised in full.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Ordinary Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the Ordinary Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Sarment in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Sarment is Singapore-based and operates a luxury marketplace focused on offering curated luxury goods and services to High-Net-Worth and Ultra-High-Net-Worth individuals. Sarment’s AI-based digital ecosystem provides intelligent personal services focusing on creating unique luxury experiences. Sarment’s objective is to become the leader in global luxury lifestyle management and the preeminent marketplace for this market segment. Since its establishment in 2012, Sarment has expanded throughout Asia and is now seeking global expansion.
Forward-Looking StatementBack to top
Certain statements contained in this press release contain “forward-looking information” (“forward-looking statements”) within the meaning of Canadian securities laws, including statements regarding the successful completion of the Offering and the anticipated Closing Date. These forward-looking statements represent Sarment's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, including conditions to closing this Offering, many of which are outside of Sarment’s control, which could cause actual results to differ materially from the results discussed in the forward looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Sarment does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Sarment to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Sarment’s final prospectus filed with the applicable Canadian securities regulatory authorities in connection with the Offering.The risk factors and other factors noted in Sarment’s final prospectus could cause actual events or Sarment’s actual results to differ materially from those contained in any forward-looking statement.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy of this release.