DRM Ventures Inc.

December 03, 2009 12:22 ET

DRM Ventures Inc. Completes Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2009) - DRM Ventures Inc. is pleased to announce that it has completed an initial public offering in British Columbia, Alberta, Ontario and Quebec of 5,000,000 common shares at a price of $0.20 per share for aggregate gross proceeds of $1,000,000. Following the closing of the offering, a total of 6,550,000 common shares of DRM Ventures are issued and outstanding, of which 1,550,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange.

The net proceeds of the offering, together with the proceeds from prior sales of common shares, will be used by DRM Ventures to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSX Venture Exchange.

Haywood Securities Inc. acted as agent for the initial public offering. In connection with the offering, DRM Ventures granted to the agent and selling group members non-transferable options to acquire up to an aggregate of 500,000 common shares. Each agent's option is exercisable to acquire one common share at a price of $0.20 for a period of 24 months following the date that the common shares are listed on the TSX Venture Exchange. In connection with the offering, the agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the common shares.

Following the closing of the offering, DRM Ventures also granted stock options to directors and officers exercisable to acquire up to an aggregate of 655,000 common shares. Each option is exercisable to acquire one common share at a price of $0.20 any time on or before December 3, 2019.

The current directors and officers of DRM Ventures are: Amin Khalifa, Chief Executive Officer, Chief Financial Officer and Director; Nitin Kaushal, Director; and Michael Salter, Director.

It is anticipated that the common shares of DRM Ventures will commence trading on the TSX Venture Exchange on or about December 10, 2009 under the stock symbol "DRM.P".

For further information please see the prospectus of DRM Ventures dated October 15, 2009 filed on SEDAR.

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.

Contact Information

  • DRM Ventures Inc.
    Amin Khalifa
    Chief Executive Officer and Chief Financial Officer
    (949) 547-1368