CanAsia Financial Inc.

August 26, 2009 15:36 ET

CanAsia Financial Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 26, 2009) - CanAsia Financial Inc. (TSX VENTURE:CNA) (the "Company" or "CanAsia") confirms that pursuant to its earlier announcement, it has closed the non-brokered private placement financing previously announced on August 7, 2009 (the "Private Placement"). The financing placed 2,000,000 Class "A" Common Shares ("Common Shares") at a price of $0.10 per Common Share for gross proceeds of $200,000. The placed Common Shares are subject to a 4-month hold period which shall expire on December 26, 2009. Certain directors of CanAsia have subscribed for 350,000 of the Common Shares. The proceeds of the Private Placement will be used to increase the Company's net tangible assets.

About CanAsia Financial Inc.

The Company is a CPC within the meaning of the policies of the Exchange. The Company commenced operations when it completed its initial public offering; however it currently has no assets other than cash. Since the date of listing of the Company's shares on the Exchange, the Company has identified and evaluated several businesses and assets with a view to completing a "Qualifying Transaction" under the Exchange's CPC policies.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Neither 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

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