Challenger Deep Capital Corp.

Challenger Deep Capital Corp.

June 12, 2008 14:56 ET

Challenger Deep Capital Corp. Closes IPO

CALGARY, ALBERTA--(Marketwire - June 12, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Challenger Deep Capital Corp. ("Challenger") is pleased to announce that it has successfully completed its initial public offering of 2,000,000 common shares at a price of $0.10 per share for aggregate gross proceeds of $200,000. At closing of the offering, the Corporation granted to Bolder Investment Partners, Ltd. ("Bolder"), the agent for the offering, non-transferable agent's options exercisable to acquire up to an aggregate of 200,000 common shares at a price of $0.10 per share. These options may be exercised for a period of two years from the date of listing of the Corporation's common shares on the TSX Venture Exchange Inc. (the "Exchange"). Bolder also received an aggregate cash commission equal to 10% of the aggregate gross proceeds of the offering.

At closing of the offering, the Corporation also granted an aggregate of 950,000 stock options to directors and officers, which options are exercisable for a period of five years from closing at a price of $0.10.

Challenger has received conditional listing approval for its common shares on the Exchange and expects that once it completes its application for listing, trading will commence shortly thereafter under the symbol "CDE.P". Investors are cautioned that trading in securities of a capital pool company should be considered highly speculative.

Challenger is a capital pool company governed by the policies of the Exchange. Challenger'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.

This news release contains statements about expected or anticipated future events that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval. Although Challenger believes that the expectations reflected in these forward-looking statements are reasonable, undue influence should not be placed on them. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof, and Challenger undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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

Contact Information

  • Challenger Deep Capital Corp.
    Paul McKenzie, President
    Chief Executive Officer and Chief Financial Officer
    (604) 642-2625
    (604) 642-2629 (FAX)
    www.sedar.com