CanAsia Financial Inc.

February 18, 2009 12:00 ET

CanAsia Financial Inc. Announces Closing of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2009) - CanAsia Financial Inc. (the "Company" or "CanAsia") is pleased to report that it has successfully completed its initial public offering (the "IPO") of 3,000,000 common shares at a price of $0.10 per share for total gross proceeds of $300,000 pursuant to a prospectus dated December 1, 2008 (the "Offering"). The common shares will be listed on the TSX-V under the symbol "CNA" effective at the market open on Thursday, February 19, 2009.

Leede Financial Markets Inc. ("Leede") acted as the agent for the Offering. Leede received a cash commission of 10% of the gross proceeds of the Offering. The Company also granted agent's options to Leede to purchase up to an aggregate of 300,000 common shares at a price of $0.10 per share (the "Agent's Options"). The Agent's Options are exercisable for a period of 24 months from the date the Company's common shares are listed on the TSX Venture Exchange (the "Exchange"). Not more than 50% of the common shares received on the exercise of the Agent's Option may be sold by the Agent prior to the completion of the qualifying transaction. The remaining 50% may be sold after the completion of the Qualifying Transaction.

ABOUT CANASIA FINANCIAL INC.

The Company is a capital pool company ("CPC") within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The Company proposes to identify and evaluate businesses and assets with a view to completing a "Qualifying Transaction" under the Exchange's CPC policies. The funds raised under the IPO will be used to pursue the Company's Qualifying Transaction.

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

Contact Information

  • CanAsia Financial Inc.
    James G. Louie
    President and Chief Executive Officer
    (403) 870-7383
    (403) 242-7479 (FAX)
    or
    CanAsia Financial Inc.
    243 Sienna Hills Drive S.W.
    Calgary, Alberta
    T3H 2Y8