OTTAWA, ONTARIO–(Marketwired – May 13, 2016) – Mercal Capital Corp. (“Mercal”) (TSX VENTURE:MUL.P), a Capital Pool Company, is pleased to announce the closing of its initial public offering of 5,000,000 Common Shares at a price of $0.10 per share for aggregate gross proceeds of $500,000 and has filed for listing as a Capital Pool Company on the TSX Venture Exchange Inc. (the “TSXV”). Industrial Alliance Securities Inc. (“IASI”) acted as lead agent for the financing. In connection with the IPO, the Company granted warrants to IASI to acquire up to an aggregate of 500,000 common shares at a price of $0.10 per share. The warrants will be exercisable for 24 months from the listing of the common shares on the TSXV. The agent also received a cash commission equal to 10% of the aggregate gross proceeds of the sale of the common shares, in addition to a work fee of $10,000 plus HST and reimbursements of expenses, including legal fees, incurred pursuant to the offering.

As a result of this issuance, Mercal has 7,700,000 common shares issued and outstanding, of which 2,700,000 previously issued common shares were placed in escrow in accordance with the policies of the TSXV. Effective at the closing of the IPO, the Company also granted stock options to its directors and officers to acquire an aggregate of 660,000 common shares at a price of $0.10 per share, exercisable for five years following the date of grant.

In accordance with Policy 2.4 of the TSXV, the common shares of Mercal are expected to be admitted for trading on the TSXV under the ticker symbol MUL.P.

Mercal’s prospectus dated March 30, 2016 is available on www.sedar.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.