Chesstown Capital Inc.

December 18, 2007 10:58 ET

Chesstown Capital Inc. (TSX VENTURE:CHC.P) Announces Completion of Initial Public Offering and Commencement of Trading on the TSX Venture Exchange

BURLINGTON, ONTARIO--(Marketwire - Dec. 18, 2007) - Chesstown Capital Inc. ("Chesstown") (TSX VENTURE:CHC.P) is pleased to announce the completion of its initial public offering. Chesstown issued 2,597,700 common shares at a price of $0.20 per share, for gross proceeds to Chesstown of $519,540. Upon completion of the offering Chesstown now has 4,627,702 common shares issued and outstanding. In connection with the offering, Chesstown also issued its agent, Haywood Securities Inc., broker warrants to purchase 259,770 common shares of Chesstown at a price of $0.20 per share for 2 years. Chesstown also granted incentive stock options to its directors.

The net proceeds of the offering will be used to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the TSX Venture Exchange, as further described in Chesstown's prospectus dated September 27, 2007.

Chesstown's common shares commenced trading on the TSX Venture Exchange today (Tuesday, December 18, 2007) under the symbol CHC.P.

For Investors

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the company currently foresees. Discussion of the various factors that may affect future results is contained in the Chesstown's recent filings, available on SEDAR.

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

Contact Information

  • Brant Capital Partners Inc.
    Brian Crawford
    Chairman and Chief Executive Officer
    (905) 681-1925