CT Developers Ltd.

November 17, 2011 19:38 ET

CT Developers Ltd. Announces Completion of Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2011) - CT Developers Ltd. (TSX VENTURE:DEV.P)("CT" or the "Corporation"), a capital pool corporation, is pleased to announce it has completed its initial public offering of 3,000,000 common shares (the "Common Shares") at the price of $0.20 per Common Share for aggregate gross proceeds of $600,000 pursuant to its prospectus dated September 6, 2011 and has filed all final listing documents with the TSX Venture Exchange Inc. (the "TSX-V"). CT anticipates that its Common Shares will commence trading on the TSX-V in the next few days. Following this issuance, the Corporation has 4,500,000 Common Shares issued and outstanding, of which 1,500,000 Common Shares are escrowed pursuant to an escrow agreement with Computershare Investor Services Inc. Macquarie Private Wealth Inc. acted as agent in connection with this initial public offering and received a commission of $60,000, in addition to being reimbursed for its expenses and legal fees. CT also granted Macquarie Private Wealth Inc. an agent's option to acquire 250,000 Common Shares at an exercise price of $0.20 per share for 24 months from the date of listing of the Common Shares.

Options to purchase a total of 255,000 Common Shares have been granted to the Directors of the corporation. The exercise price of the Directors' options is $0.20 per Common Share and the term of the option is five years.

The Common Shares of CT are expected to commence trading on the TSX-V under the symbol "DEV.P" after the final exchange bulletin has been issued by the TSX-V.

Neither the 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.

Contact Information

  • CT Developers Ltd.
    Norman Eyolfson
    CEO and Director
    (416) 604 7620