TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) - DealNet Capital Corp. (the "Company") (CNSX:DLS)(PINKSHEETS:GAIMF) is pleased to announce it has closed a non-brokered private placement of 12,500,000 common shares at a price of $0.05 per share for aggregate gross proceeds of $625,000. All securities issued in connection with the private placement are subject to a four-month hold period. The Company had originally announced its intention to raise $500 thousand through a private placement on May 28, 2012.
"We are very pleased to have this key capital raise completed as it has allowed management to prepare the Company for significant growth in fiscal 2013," said Graham Simmonds, Chairman and CEO of DealNet Capital. "The fact that we were able to exceed our initial raise target is a clear indication of the confidence that investors have placed in our business plan and our management team."
The proceeds of the financing will primarily be utilized to move forward with the growth plans for OC Communications Group Inc. ("OCCGI"), the Company's recently acquired Business Process Outsourcing ("BPO") subsidiary, and to launch One Dealer, the Company's strategy to provide customer support and financing services into the Heating, Ventilation and Air Conditioning ("HVAC") industry. In September the Company announced the planned acquisition of an Atlanta based Home Services Company. The Company continues to perform due diligence on the acquisition target and the parties are working together to close this transaction.
DealNet Capital Corp. is a public company that trades under the symbol DLS on the Canadian National Stock Exchange and under the symbol GAIMF on the Pink Sheets of the Over the Counter Bulletin Board. In general, the Company is a merchant banking company that has a flexible investment mandate with a strategic focus on recurring revenue businesses. The company has recently focused its investments towards the thriving North American Business Process Outsourcing (BPO) Market as well as the Consumer Financing Market by leveraging its recently acquired BPO division. The Company continues to look for acquisition opportunities in these key markets in order to continue to drive competitive advantages and growth.
ON BEHALF OF DEALNET CAPITAL CORP.
For additional information please visit www.sedar.com.
This press release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. These statements involve risks and uncertainties including, without limitation, DealNet's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
The Canadian National Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.