SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

October 29, 2007 11:41 ET

SelectCore Closes $3.16 Million Private Placement

TECUMSEH, ONTARIO--(Marketwire - Oct. 29, 2007) - SelectCore Ltd. (TSX VENTURE:SCG)(the "Corporation") is pleased to announce that it has closed on $3,162,500 of a previously announced private placement led by Research Capital Corporation. The Corporation has sold 15,812,500 units at $0.20 per unit. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share (a "Warrant Share") of Corporation at an exercise price of $0.24 for a period of 24 months from the date of issuance.

Research Capital Corporation ("Research") acted as agent on the offering and received a cash fee equal to 8% of the proceeds raised in the offering on 12,837,500 units and cash fee of 4% of the proceeds on 2,975,000 units. Research also received broker warrants ("Broker Warrants) equal to 8% of the number of Units issued. Each Broker Warrant entitles Research to acquire one Unit at an exercise price of $0.20 for a period of twenty four (24) months from the date of issuance.

Net proceeds from the sale of the Units will be used to retire a previously announced bridge loan taken out to complete the Canquest asset purchase and for general working capital purposes.

The Units and the Warrant Shares will be subject to a four-month hold period expiring February 27, 2008.

The securities distributed have not been and will not be registered under the United States Securities Act of 1933, as amended, and may no be offered or sold in the United States or to U.S. persons in the absence of registration or an applicable exemption from the registration requirements.

"This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available."

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

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