Cairo Resources Inc.

September 02, 2011 17:47 ET

Cairo Resources Inc. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Cairo Resources Inc. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 2,500,000 common shares (the "Common Shares") at a price of $0.10 per common share for gross proceeds of $250,000 with Wolverton Securities Ltd. ("Wolverton") acting as agent. As a result of this issuance, the Corporation now has 4,500,001 common shares issued and outstanding.

In connection with the Offering, the Corporation granted common share purchase warrants to, and as directed by, Wolverton to acquire an aggregate of 250,000 common shares (the "Agent's Warrants") at an exercise price of $0.10 per common share. The Agent's Warrants will expire on September 2, 2013. Wolverton also received a cash commission equal to 10% of the gross proceeds of the Offering and a corporate finance fee.

The Corporation is a capital pool company under the policies of the TSX Venture Exchange Inc. (the "Exchange"). The Exchange has conditionally approved the listing of the Common Shares and the Corporation now intends to make application for final approval. It is expected that the Common Shares will commence trading on the Exchange under the trading symbol "QAI.P".

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

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.

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.

Contact Information

  • Cairo Resources Inc.
    Michael Sadhra
    Chief Financial Officer and Director
    (604) 646-1553