Aqueous Capital Corp.

March 22, 2007 19:23 ET

Aqueous Capital Corp. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) - Aqueous Capital Corp. ("Aqueous" or the "Corporation") is pleased to announce that it has successfully completed its initial public offering through Raymond James Ltd. of 1,500,000 common shares at a price of $0.20 per share for aggregate gross proceeds of $300,000. Aqueous has received conditional listing approval for its common shares on the TSX Venture Exchange and expects that trading will commence shortly under the symbol "AQS.P".

As part of the agency agreement with Raymond James Ltd., Aqueous has granted to Raymond James Ltd. a non-transferable option to purchase up to 150,000 common shares at $0.20 per share. The option will be exercisable at any time from the date of issuance to 24 months from the date of listing of Aqueous' common shares on the TSX Venture Exchange.

In addition, Aqueous has adopted a stock option plan for the benefit of directors, officers and employees of, and consultants and service providers to, the Corporation. Aqueous has granted options to purchase 350,000 common shares of the Corporation at $0.20 per share to directors and officers of the Corporation, as previously disclosed in the final prospectus of the Corporation dated March 1, 2007. The stock option plan and the grant of options are subject to regulatory approval and the Escrow Agreement (as defined below).

Directors and officers of the Corporation hold directly or indirectly, or exercise control or direction over, an aggregate of 2,000,000 common shares of Aqueous, which represents approximately 57.14% of the outstanding common shares of the Corporation. All of the 2,000,000 common shares are being held in escrow pursuant to an escrow agreement dated March 1, 2007 (the "Escrow Agreement"). Under the Escrow Agreement, 10% of the escrowed Common Shares will be released from escrow on the issuance of final acceptance by the TSX Venture Exchange and an additional 15% will be released on the dates 6 months, 12 months, 18 months, 24 months, 30 months and 36 months following the initial release.

Aqueous is a capital pool company governed by the policies of the TSX Venture Exchange. Aqueous' principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

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

Contact Information

  • Aqueous Capital Corp.
    Mark Waldron
    Vice President, Chief Financial Officer
    and a Director of the Corporation
    (403) 243-8170 Ext. 113
    (403) 243-4024 (FAX)