GA Capital Corp.

November 06, 2007 17:47 ET

GA Capital Corp. Announces the Closing of its Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2007) - GA Capital Corp. (TSX VENTURE:GAC) (the "Corporation") is pleased to announce that it has successfully completed its initial public offering of 3,500,000 common shares (the "Shares") at $0.20 per Share for gross proceeds of $700,000 (the "Offering") pursuant to a prospectus dated October 10, 2007. Union Securities Ltd. acted as agent for the Offering and was paid an administrative fee of $10,000, a cash commission of $56,000 and an option to purchase up to 280,000 Shares in the capital of the Corporation at a price of $0.20 per Share exercisable for a period ending 24 months from the date of listing of the Shares on the TSX Venture Exchange (the "Exchange").

The Corporation has today granted an aggregate of 500,000 stock options to its directors and officers pursuant to its Stock Option Plan. The options have an exercise price of $0.20 per Share and an expiry date of November 6, 2012.

The Corporation has entered into an Escrow Agreement with Equity Transfer & Trust Company dated October 5, 2007 (the "Escrow Agreement") pursuant to which all Escrow Shares (as defined in TSX Venture Exchange Policy 2.4 - Capital Pool Companies) must be held in escrow until released according to the terms of the Escrow Agreement.

About GA Capital Corp.

GA Capital Corp. is a capital pool company ("CPC") within the meaning of the policies of the Exchange. The Corporation has not commenced operations and has no assets other than cash. GA Capital Corp. proposes to identify and evaluate businesses and assets with a view to completing a "Qualifying Transaction" under the Exchange's CPC policies. The funds raised under the initial public offering will be used to pursue GA Capital Corp.'s Qualifying Transaction. The directors and officers of the Corporation are J. Allan Ringler (CEO), Bradley R. Kipp (CFO), George A. Duguay, Kevin D. Reed and Joseph A. Hamilton.

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