Orient Venture Capital Inc.
TSX VENTURE : OVC.H

Orient Venture Capital Inc.

April 05, 2012 13:33 ET

Acquisition of Shares of Orient Venture Capital Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2012) - Further to disclosure requirements of applicable securities laws, Asia Select Asset Management Inc. ("Asia Select") reports that on April 4, 2012, Orient Venture Capital Inc. (the "Company") (TSX VENTURE:OVC.H) issued 200,000 common shares (the "Shares") at a price of $0.05 per Share to Asia Select in a private placement financing transaction. The Shares represent 2.09% of the issued and outstanding common shares of the Company (the "Common Shares") on April 4, 2012.

Immediately following the acquisition noted above, Asia Select beneficially owned 200,000 Common Shares representing 2.09% of all issued and outstanding Common Shares on April 4, 2012.

Asia Select, together with Asia Select Investment Fund Inc. ("ASI Fund") and Min Kuang who holds all of the voting securities of Asia Select and ASI Fund, beneficially owns 875,000 Common Shares and 200,000 stock options representing 9.15% of the issued and outstanding Common Shares or 11.01% on a diluted basis.

The Shares were acquired for investment purposes. Each of Asia Select, ASI Fund and Min Kuang may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities they hold or will hold, or may continue to hold its or her current position, subject to release of such Shares from escrow as described below.

Asia Select and Min Kuang are required to enter into an escrow agreement pursuant to the policies of the TSX Venture Exchange with respect to the Shares. The escrowed shares will be released over a three year period following the completion of the Company's qualifying transaction.

A copy of the Early Warning Report disclosing the transaction is available in SEDAR at www.sedar.com.

ASIA SELECT ASSET MANAGEMENT INC.

Per: Min Kuang

Contact Information

  • Orient Venture Capital Inc.
    Min Kuang
    (604) 689-0618 or 1-866-689-0618
    1-604-689-0628 (FAX)
    www.orientvc.com