Work Horse Capital & Strategic Acquisitions Ltd.

June 04, 2009 11:34 ET

Work Horse Capital & Strategic Acquisitions Ltd. Announces Completion of Initial Public Offering

OTTAWA, ONTARIO--(Marketwire - June 4, 2009) - Work Horse Capital & Strategic Acquisitions Ltd. ("Work Horse" or the "Corporation") is pleased to announce that it has completed its initial public offering of 4,000,000 Common Shares (the "Common Shares") at the price of $0.10 per Common Share for aggregate gross proceeds of $400,000 pursuant to its prospectus dated March 20, 2009, and has filed all final listing documents with the TSX Venture Exchange Inc. (the "TSX-V"). Work Horse anticipates that its Common Shares will commence trading on the TSX-V in mid-June. Following this issuance, the Corporation has 6,100,000 Common Shares issued and outstanding. Investpro Securities Inc. acted as agent in connection with this initial public offering, received a commission of $40,000, and Work Horse granted Investpro Securities Inc. an agent's option to acquire 400,000 Common Shares at an exercise price of $0.10 per share for 24 months from the date of listing and posting of the Common Shares.

Options to purchase a total of 610,000 Common Shares have been granted to the Directors of the corporation. The exercise price of the Directors' options is $0.10 per Common Share, and all other terms are in line with Work Horse's stock option plan.

Work Horse is a Capital Pool Company as defined in Policy 2.4 ("Policy 2.4") of the TSX-V and is, therefore, subject to and governed by the restrictions of Policy 2.4.

Work Horse's present intention is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction pursuant to Policy 2.4. Work Horse does not own any assets, other than cash, and has not entered into an "Agreement in Principle" as such phrase is defined in Policy 2.4.

The Common Shares of Work Horse will commence trading on the TSX-V under the symbol "WHC.P" after the final bulletin has been issued by the TSX-V.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at

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.

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