Ballyliffin Capital Corp.

March 20, 2007 15:43 ET

Ballyliffin Capital Closes Public Offering and Private Placement

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - March 20, 2007) - Mr. Devinder Randhawa, President of Ballyliffin Capital Corp. (TSX VENTURE:BLL.P) (the "Corporation") announces the Corporation, a Capital Pool Company, has raised $300,000 by an initial public offering of 3,000,000 common shares. The Corporation's common shares will be listed and posted for trading on the TSX Venture Exchange on March 21, 2007 under the symbol "BLL.P". Blackmont Capital Inc. acted as agent for the Corporation's offering. The Corporation has granted an aggregate of 500,000 stock options to directors and officers of the Corporation and which are exercisable on or before January 5, 2012 at an exercise price of $0.10 per common share. In addition warrants to acquire an aggregate of 300,000 Shares, at an exercise price of $0.10 per share were granted to Blackmont Capital Inc.

In addition the Corporation announces it has closed its non-brokered private placement of 16,000,000 common shares at $0.10 per common share for gross proceeds of $1,600,000, as announced on February 23, 2007. The common shares are subject to a four month hold period. A finder's fee of $10,500 was paid to Blackmont Capital Inc. on a portion of the private placement. Insiders of the Corporation subscribed for 1,350,000 common shares, which will be subject to escrow. The funds raised under the private placement are to be used to pursue a suitable "Qualifying Transaction". The Corporation has not identified any potential Qualifying Transaction at this time.

The Corporation is a capital pool company pursuant to Policy 2.4 of the TSXV. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative. Pursuant to TSXV policies the Corporation has 24 months to identify and close a qualifying transaction.

Certain information regarding the Corporation contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

Outstanding Common Shares: 21,000,000

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

Contact Information

  • Ballyliffin Capital Corp.
    Mr. Devinder Randhawa
    Ballyliffin Capital Corp.
    810 - 1708 Dolphin Ave.
    Kelowna, BC V1Y 9S4
    (250) 868-8177
    (250) 868-8493 (FAX)