Giga Capital Corporation

January 04, 2008 14:17 ET

Giga Capital Corporation Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2008) - Giga Capital Corporation ("Giga" or the "Corporation") is pleased to announce that it has successfully completed its initial public offering through PI Financial Corp. of 5,000,000 common shares at a price of $0.10 per share for aggregate gross proceeds of $500,000. Giga has received conditional listing approval for its common shares on the TSX Venture Exchange and expects that trading will commence shortly under the symbol "GIG.P".

As part of the agency agreement with PI Financial Corp., Giga has granted to PI Financial Corp. and a sub-agent, a non-transferable option to purchase up to 500,000 common shares at $0.10 per share. The option will be exercisable at any time from the date of issuance to 24 months from the date of listing of Giga's common shares on the TSX Venture Exchange.

In addition, Giga has adopted a stock option plan for the benefit of directors, officers and employees of, and consultants and service providers to, the Corporation. Giga has granted options to purchase 600,000 common shares of the Corporation at $0.10 per share to directors and officers of the Corporation, as previously disclosed in the final prospectus of the Corporation dated November 23, 2007.

Directors and officers of the Corporation hold directly or indirectly, or exercise control or direction over, an aggregate of 2,100,000 common shares of Giga, which represents approximately 24.1% of the outstanding common shares of the Corporation. An aggregate of 3,700,000 common shares are being held in escrow pursuant to an escrow agreement dated effective November 23, 2007 (the "Escrow Agreement"). Under the Escrow Agreement, 10% of the escrowed Common Shares will be released from escrow on the issuance of final acceptance by the TSX Venture Exchange and an additional 15% will be released on the dates 6 months, 12 months, 18 months, 24 months, 30 months and 36 months following the initial release.

Giga is a capital pool company governed by the policies of the TSX Venture Exchange. Giga's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Giga Capital Corporation
    David Ross
    Chief Financial Officer, Corporate Secretary and a Director
    (403) 260-0296
    (403) 260-0332 (FAX)