October 15, 2007 17:22 ET

Capital Wapiti Inc. Confirms Closing Date of Previously Announced Qualifying Transaction

MONTREAL, QUEBEC--(Marketwire - Oct. 15, 2007) - Capital Wapiti Inc. (TSX VENTURE:WTI.P) (the "Corporation"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), confirmed today that its previously announced Qualifying Transaction is scheduled to close on or about October 24, 2007 (the "Closing").

As previously announced, the Qualifying Transaction of the Corporation will consist of the acquisition of an industrial property located at 1201 California Avenue, Brockville, Ontario for an aggregate purchase price of $4.5 M (subject to customary adjustments) (the "Acquisition") and the concurrent completion of a private placement for minimum gross proceeds of $7,000,000 and for maximum gross proceeds of $10,000,000 (the "Offering"). The Corporation intends to use the net proceeds of the Offering to satisfy the purchase price of the Acquisition, to identify and evaluate additional properties and to satisfy (in whole or in part) the purchase price for subsequent acquisitions.

Additional information concerning the Qualifying Transaction is available in the Corporation's Filing Statement, which was filed on SEDAR today in accordance with the policies of the Exchange.

The Corporation has entered into agreements to complete the Acquisition and the Offering that are intended to serve as its Qualifying Transaction under Exchange Policy 2.4 - Capital Pool Companies. Until the completion of its Qualifying Transaction, which is subject to the final approval of the Exchange, the Corporation will not commence commercial operations or have assets other than cash. The principal business of the Corporation currently consists of working towards the completion of its Qualifying Transaction and identifying and evaluating additional industrial properties for future acquisition or investment.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Capital Wapiti Inc.
    Mr. Serge Beaudet
    Secretary and Chief Financial Officer