Calypso Acquisition Corp.

Calypso Acquisition Corp.

September 08, 2005 15:04 ET

Calypso Acquisition Corp.: Private Placement and Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 8, 2005) - Calypso Acquisition Corp. (NEX:CLP.H) -

The Company has now closed its recently announced private placement of 4,375,000 units of the Company at the price of $0.08 per unit, each unit consisting of one common share and one transferable warrant, each warrant entitling the holder to purchase one additional share of the Company at a price of $0.105 per share for a period of twelve months until September 8, 2006. The shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period and may not be traded in British Columbia until January 9, 2006 except as permitted by the Securities Act and the Rules made thereunder and the TSX Venture Exchange.

The Company has issued 1,749,858 shares to settle outstanding debt of $139,988.65.

The Company is not proceeding with the previously announced $150,000 convertible loan.

Proceeds of the private placement will be used for working capital.

John B. (Jack) Gill, President

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

Contact Information

  • Calypso Acquisition Corp.
    John B. (Jack) Gill
    (604) 628-0168