Icarus Capital Announces Board Transition, New Director Appointments, and Private Placement Financing
Vancouver, British Columbia — June 15, 2026 — Leads & Copy — Icarus Capital Corp. announced a significant transition in its leadership and financial strategy, including the resignation of three directors and the appointment of two new board members. The company also revealed plans for a non-brokered private placement financing to bolster its working capital.
Directors Howard Blank, Thomas Bell, and Greg Mulvey have stepped down from the Board of Directors as part of a planned succession. The company acknowledged their contributions during a crucial period of its development, stating that their departure marks a natural transition point to usher in a new board equipped to guide Icarus Capital into its next phase of growth.
Thomas Bell, in his capacity as Director and Board Chair, expressed that the timing is appropriate for a new board to oversee the company’s future development. He extended gratitude for the opportunity to serve and wished the company continued success.
Eric Y. Lapointe, Chief Executive Officer of Icarus Capital, thanked the departing directors for their service, guidance, and contributions, noting that their efforts were instrumental in navigating an important chapter in the company’s evolution.
In conjunction with the board transition, the company’s Board of Directors has approved a non-brokered private placement financing, aiming to raise up to $200,000, pending regulatory approval. The offering will consist of up to 2,222,222 units at a price of $0.09 per unit. Each unit comprises one common share and one-half of a common share purchase warrant. These warrants will allow holders to acquire an additional common share at an exercise price of $0.12 within 24 months of issuance. Securities issued under this placement will be subject to a four-month hold period plus one day from closing, with no finder’s fees anticipated.
The private placement is accessible to existing shareholders as of June 15, 2026, through the Existing Security Holder Exemption, provided they reside in jurisdictions permitting such participation.
The company also confirmed that insiders are expected to subscribe for up to $85,000 of the offering. This insider participation is considered a related party transaction under Multilateral Instrument 61-101, but it will be exempt from formal valuation and minority shareholder approval requirements, as the market value of securities issued to insiders and their consideration will not exceed 25% of the company’s market capitalization.
The funds raised are earmarked to enhance the company’s working capital and support its ongoing operations and strategic initiatives.
Icarus Capital has also initiated the process of reconstituting its Board of Directors. Arjun Rudra and Kevin Booth have been appointed to the Board, with further appointments anticipated as the company aims for a five-member board, comprising three independent directors and two management directors.
Eric Y. Lapointe has been reappointed as Chief Executive Officer, and Arjun Rudra has been reappointed as Chief Financial Officer. Mr. Rudra brings extensive experience in corporate finance, capital markets, and strategic planning, having played a key role in the company’s financial planning and operational initiatives since joining Icarus.
Mr. Booth joins the board with a notable 40-year career in the Canadian gaming industry. His executive experience includes senior leadership roles at Gateway Casinos in Burnaby and Edmonton, Elbow River Casino in Calgary, and Pure Casino in Lethbridge. His background includes operational expertise in entertainment venues.
“With the financing process underway and the Board reconstitution well advanced, Icarus is entering its next phase focused on operational execution, growth and long-term shareholder value,” stated Mr. Lapointe.
Icarus Capital Corp., based in Surrey, BC, Canada, focuses on live and digital entertainment, particularly stand-up comedy. The company’s assets include the Yuk Yuk’s Calgary Comedy Club, Yuk Yuk’s Surrey Comedy Club, Yuk Yuk’s Media, and Yuk Yuk’s Western Canadian Theatre Shows. The company is listed on the TSX-V under the ticker symbol ICRS.
Source: Icarus Capital Corp
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