Pivotal Financial Completes Initial Public Offering and Listing on TSX Venture Exchange

Toronto, Ontario--(Newsfile Corp. - April 22, 2021) - Pivotal Financial Corp. (TSXV: PIV.P) (the "Company") announced today that it has completed an initial public offering (the "Offering") in Ontario, British Columbia, Saskatchewan and Alberta of 10,000,000 common shares of the Company, at a price of $0.20 per common share, for aggregate gross proceeds of $2,000,000, pursuant to a final prospectus dated March 23, 2021 (the "Prospectus").

iA Private Wealth Inc. (the "Agent") acted as exclusive agent for the Offering. In connection with the Offering, the Corporation granted to the Agent non-transferable warrants (the "Agent's Warrants") to acquire up to an aggregate of 1,000,000 common shares of the Company. Each Agent's Warrant is exercisable to acquire one common share at a price of $0.20 any time on or prior to April 22, 2026. In connection with the Offering, the Agent also received a corporate finance fee and a cash commission equal to 10% of the gross proceeds of the Offering.

At the closing of the Offering, the Company also granted stock options (the "Options") to directors and officers of the Company to acquire up to an aggregate of 1,500,000 common shares of the Company. Each Option is exercisable to acquire one common share at a price of $0.20 any time on or prior to April 22, 2031.

Following completion of the Offering, the Company has 15,000,000 common shares issued and outstanding, 5,000,000 of which are subject to escrow restrictions as disclosed in the Prospectus.

The TSX Venture Exchange (the "TSX-V") has accepted the Company's listing application and the common shares of the Company were listed on the TSX-V at the close of business on April 21, 2021. The common shares of the Company will commence trading on the TSX-V at the opening of the market on April 22, 2021, under the symbol "PIV.P".

For further information concerning the Company, please see the Prospectus which is available under the Company's profile on SEDAR at www.sedar.com.

About the Company

Pivotal Financial Corp. (the "Company") is a capital pool company within the meaning of the policies of the TSX Venture Exchange (the "TSX-V") that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the Company are: C. Fraser Elliott (Chief Executive Officer, Corporate Secretary and Director); Peter Quintiliani (Chief Financial Officer); Elliot Strashin (Director); and Lester Fernandes (Director). Except as specifically contemplated in the policies of the TSX-V, until the completion of its "Qualifying Transaction" (as defined therein), the Company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction.

Forward-Looking Information

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Except as required by appliable law, we do not assume any obligation to update any forward-looking statements.

For more information, please contact:

Pivotal Financial Corp.
C. Fraser Elliott, Chief Executive Officer
416-567-3276
[email protected]

Neither 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81301