CJL Capital Inc.

September 03, 2010 12:28 ET

CJL Capital Inc. Announces the Closing of a $300,000 Initial Public Offering

QUEBEC CITY, QUEBEC--(Marketwire - Sept. 3, 2010) - NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES -

CJL Capital Inc. (the "Corporation"), a capital pool company, is pleased to announce the closing of its initial public offering of 3,000,000 common shares of the Corporation (the "Common Shares") at a price of $0.10 per share for total gross proceeds of $300,000 (the "Offering"). The Offering was conducted on a best efforts basis by Haywood Securities Inc. (the "Agent").

The Agent received a commission of $30,000 representing 10% of the proceeds of the Offering and has been granted a non-transferable option (the "Agent's Option") to purchase 300,000 Common Shares at a price of $0.10 per share for a period of 24 months from the date the Common Shares are listed on the TSX Venture Exchange (the "Exchange"), provided that no more than 50% of the aggregate number of Common Shares which may be acquired by the Agent on exercise of the entire Agent's Option may be sold by the Agent before the completion of the Qualifying Transaction (as defined below). The Agent also received a corporate finance fee of $10,000 plus applicable taxes pursuant to the Offering and the Agent has been reimbursed by the Corporation for its expenses and legal fees.

The Corporation will use the proceeds obtained from the Offering to identify and evaluate businesses or assets with a view of completing a qualifying transaction under the terms of the policies of the Exchange (the "Qualifying Transaction").

The common shares will be admitted for trading on the TSX-V under the ticker symbol "CJL" subject to the fulfillment of customary conditions.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

Contact Information

  • CJL Capital inc.
    Mario Jacob
    President, Chief Executive Officer,
    Chief Financial Officer and Secretary
    418-653-9339