Fareport Capital Inc.

Fareport Capital Inc.

November 01, 2007 16:14 ET

Fareport Capital Inc. Update

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2007) - Fareport Capital Inc. (TSX VENTURE:FPC) (formerly "CAB") announces that it has received final approval from the TSX Venture Exchange for the private placement, shares for debt transaction and the share consolidation transaction (collectively, the "Transactions") previously announced July 6, 2007 and proposed to shareholders in a Management Information Circular dated August 24, 2007. The Corporation previously received TSX Venture Exchange conditional approval for the proposed Transactions on August 16, 2007.

Effective at the opening October 31, 2007, shares of Fareport Capital Inc. will resume trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Transportation Services' company.


Capitalization: unlimited shares with no par value of which
3,237,661 shares are issued and outstanding

Escrow 0 shares

Trading Symbol: FPC (new)

CUSIP Number: 306908 30 2 (new)

Private Placement:

TSX Venture Exchange has accepted for filing documentation with respect to
a Non-Brokered Private Placement announced July 6, 2007:

Number of Shares: 240,000,000 pre-consolidated shares

Purchase Price: $0.01 per pre-consolidated

Warrants: 21,600,000 share purchase warrants to purchase
21,600,000 pre-consolidated shares

Warrant Exercise Price: $0.01 (on a pre-consolidated basis) for a two
year period

Number of Placees: 1 placee

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company has issued a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s).

Shares for Debt:

TSX Venture Exchange has accepted for filing the Company's proposal to
issue 45,709,667 pre-consolidated shares to settle outstanding debt for

Number of Creditors: 21 creditors

Insider/Pro Group Participation:

Insider=Y/ Amount Deemed Price # of Shares
Creditor Progroup=P Owing per Share (pre-consol)

Robert Donaldson Y $12,620 $0.01 1,262,000

As of October 31, 2007, Fareport will trade under the symbol "FPC".

Fareport also wishes to provide an update with regards to its compliance with Ontario Securities Commission ("OSC") Policy 57-603.

Further to the Fareport news release dated September 17, 2007, Fareport continues to work towards getting its financials up to date and is making every effort to have this done in a timely manner.

Neither the TSX Venture Exchange nor any securities regulatory authority has approved the contents of this news release.

Contact Information

  • Fareport Capital Inc.
    Emlyn David
    President, and Chief Executive Officer
    (416) 725-2177