Capricorn Business Acquisitions Inc.

December 20, 2016 16:30 ET

Capricorn Business Acquisitions Inc. Announces Director Changes and Corporate Update

TORONTO, ONTARIO--(Marketwired - Dec. 20, 2016) - Capricorn Business Acquisitions Inc. (the "Company") (NEX:CAK.H) is pleased to announce and provide a corporate update regarding a number of matters:

  • The Company had previously announced on April 5, 2012 and July 24, 2012 that it had entered into a binding letter of intent with Energex Petroleum Inc. ("Energex") to purchase all of the issued and outstanding securities of Energex, which transaction would constitute the Company's Qualifying Transaction under the policies of the Exchange. The Company confirms that the Company is no longer in discussions with Energex regarding that transaction nor has it renewed the expired letter of intent, and therefore such transaction is considered terminated. The Company, as a capital pool company (CPC), continues to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.
  • The Company has called an annual and special meeting of shareholders of the Company to be held on February 14, 2017 (the "Meeting"). The business of such meeting will be set out in a notice of meeting and management information circular to be posted on SEDAR at in January 2017.
  • On December 16, 2016, the Company borrowed an aggregate of $45,000 (the "Loan") from three lenders who were arm's length to the Company at the time of the advancement of the Loan. The principal amount of the Loan bears interest at 12% per annum. The Loan has a term expiring on the earlier of (i) six (6) months from the date of advance and (ii) the date of completion of an equity financing by the Company of a minimum of $300,000. The Loan will be used, among other things, to cover the expenses associated with the Meeting, complying with the Company's reporting and disclosure obligations, and for working capital purposes.
  • Effective December 20, 2016, Julio DiGirolamo, Gary Hokkanen, Norman L. Goldman and Statis Rizas have resigned as directors of the Company. The Company thanks these individuals for their service and wishes them well in his future endeavors. Following such resignations, the following individuals have been appointed to the board of directors of the Company to fill the vacancies: Yisroel Weinreb; David Posner; and Alex Storcheus. The board of directors is now composed of 5 members, as follows: Yvan Routhier; Gerald Goldberg; Yisroel Weinreb; David Posner; and Alex Storcheus. The current officers of the Company are: Yvan Routhier (President and CEO); and Gary Hokkanen (CFO and Secretary). The appointment of such directors is subject to the approval of the Exchange. It is expected that the foregoing slate of directors will stand for re-election at the upcoming Meeting. Further information about such directors will be included in the management information circular for the Meeting to be posted on SEDAR at in January 2017.

About Capricorn

The Company is a NEX listed company and classified as a Capital Pool Corporation as defined in Exchange Policy 2.4. The Company's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.

Caution Regarding Forward-Looking Statements

Certain statements in this press release may constitute "forward looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. These statements include, but are not limited to, expectations regarding the Loan and use of proceeds thereof and the Meeting and expectations regarding the directors who will stand for election at the Meeting. These statements reflect management's current expectations regarding future events speak only as of the date of this press release. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the Company's stage of development, capital requirements and future ability to fund operations, regulatory requirements, general economic, market or business conditions. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward looking statements, whether a result of new information, future results or otherwise, except as required by law.

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.

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