Pocono Capital Inc.

November 28, 2008 20:47 ET

Pocono Capital Inc. Files Filing Statement on SEDAR for Qualifying Transaction With Rykala Resources Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2008) - Pocono Capital Inc. ("Pocono") (TSX VENTURE:ONO.P) announced that Pocono has received conditional approval from the TSX Venture Exchange ("the "TSXV") for its qualifying transaction involving Rykala Resources Inc. ("Rykala") previously announced on April 14, 2008 and July 17, 2008. Pocono has filed a CPC Filing Statement dated November 28, 2008 (the "Filing Statement") on SEDAR in respect of the previously announced amalgamation (the "Amalgamation") involving Rykala pursuant to an amalgamation agreement (the "Amalgamation Agreement") dated November 28, 2008. The Company anticipates that the Amalgamation and a concurrent financing will close before the end of 2008.

The Amalgamation will constitute Pocono's "Qualifying Transaction" as defined in Policy 2.4 of the TSXV Corporate Finance Manual. Details of the proposed Amalgamation are available in Pocono's news releases dated April 14, 2008 and July 17, 2008, the Filing Statement and the Amalgamation Agreement. Shareholders are encouraged to review such documents which are available under Pocono's profile on SEDAR at www.sedar.com.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Amalgamation and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pocono Capital Inc.
    Mr. Robert Hashimoto
    (905) 709-9930
    Rykala Resources Inc.
    Mr. Stephen Dunn
    President and CEO
    (416) 822-3343
    Pope & Company Limited
    Mr. James Doyle
    Investment Banking
    (416) 593-5546