SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

November 02, 2009 09:30 ET

SKANA Announces Termination of BCI Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that the proposed acquisition by SKANA of Bus and Coach International ("BCI") has been terminated.

Because the BCI transaction has been terminated, all of the funds raised in SKANA's subscription receipt financing completed in October and the interest earned on such funds while held in escrow will be returned to the subscribers.

SKANA intends to continue its activities as a merchant bank and refocus its attention on resource based opportunities. SKANA has approximately $10 million in uncommitted cash and a further $6 million in marketable securities at its disposal to back up its immediate search for new opportunities.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It has previously made strategic investments in resource-based and other opportunities that it believes have significant potential for appreciation through its financial involvement and guidance. SKANA is seeking to diversify its investment portfolio beyond the resource sector and has expanded its investment policy to include companies in the industrial and technology sectors. SKANA's 100% investment in Bus & Coach International will be its first transaction under its expanded investment policy.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman, Chief Executive Officer and President
    604-669-4899