Thermopylae Capital Raises $333K in $0.10 IPO, Issues 3.33M Shares
Thermopylae Capital Inc. raised $333,000 through its IPO by issuing 3,330,000 shares at $0.10, bringing its total share count to 6,130,000. Major shareholder Nicholas Demos’s stake fell to 34.26% on a non-diluted basis following the offering.
1. IPO Closing Details
Thermopylae Capital completed its initial public offering on March 23, 2026, issuing 3,330,000 common shares at $0.10 each for gross proceeds of $333,000. Leede Financial Inc. served as agent, earning a 10% cash commission and non-transferable warrants for 330,000 shares at $0.10 for five years.
2. Share Structure Post-Offering
Following the offering, the corporation has 6,130,000 shares issued and outstanding. Directors, officers and seed shareholders hold shares subject to escrow restrictions under the TSXV Capital Pool Company program.
3. Major Shareholder Stake Change
Nicholas Aristotle Demos’s direct and option-converted holdings declined from 75.00% to 34.26% on a non-diluted basis after the IPO. An early warning report reflecting this change will be filed on SEDAR+ as required.
4. Next Steps and Use of Proceeds
Net proceeds alongside existing working capital will fund the identification and evaluation of assets or businesses for a qualifying transaction under the TSXV CPC program. Trading is expected to commence once the share halt is lifted.