Ellegrove Capital Ltd.

May 11, 2006 20:23 ET

Ellegrove Capital Ltd.: Corporate Update

ST. MICHAEL, BARBADOS--(CCNMatthews - May 11, 2006) - Ellegrove Capital Ltd. ("Ellegrove"), a Barbados resident company owned by a trust whose settlor is Adolf H. Lundin, announces that it has acquired 2,225,000 common shares of Newstrike Capital Inc. (formerly, MCS Global Corp.). The shares were acquired pursuant to a private placement transaction at a price of C$0.05 per share which closed on May 9, 2006.

As a result of this acquisition, Ellegrove holds as at the date hereof, an aggregate of 2,225,000 common shares which holdings represent approximately 18.2% of the issued and outstanding shares of Newstrike, on a non-diluted basis, prior to giving effect to the exercise of the 2,225,000 warrants held by Ellegrove.

Ellegrove acquired the securities of Newstrike for investment purposes only and not for the purpose of influencing control or direction over Newstrike. Ellegrove will, however, review its holdings in Newstrike from time to time and may increase or decrease its position as future circumstances dictate.

ELLEGROVE CAPITAL LTD.

Authorized Representative

Contact Information

  • Ellegrove Capital Ltd.
    Axel Azrac
    +41 22 708 33 13