DPC Biosciences Corporation
TSX VENTURE : DPC.H

June 05, 2006 11:52 ET

DPC Biosciences Corporation Announces Bought Deal and Continues with Change of Business/Reactivation Application

TORONTO, ONTARIO--(CCNMatthews - June 5, 2006) - Christopher S. Kape, Chief Executive Officer of DPC Biosciences Corporation ("DPC" or the "Company") (TSX VENTURE:DPC.H) announces that DPC is continuing with its application for regulatory approval of its proposed Change of Business (which involves the confirmation of its asset purchase agreement concerning certain assets which are presently being utilized to derive revenues related to online and land-based gaming, a contemporaneous name change and an equity private placement).

DPC is also pleased to announce that the equity private placement which was originally expected to raise up to $4.4 million has been fully subscribed (with subscription funds currently held in escrow pending regulatory approval of the Change in Business application).

Approval of the Change of Business is proposed to involve a contemporaneous reactivation of DPC such that its common shares recommence trading on the TSX Venture Exchange. DPC's 29,006,533 common shares are presently listed on NEX but are presently subject to a trading halt as a result of its Change of Business application.

"Management is excited at the prospects that the Change of Business will return shareholder value to the company," stated Mr. Kape.

DPC continues to move forward by providing the Exchange with the required documentation and expects to hold a Special Annual and General Meeting in late July whereat it will be seeking shareholder approval of the above-mentioned Change of Business and the corresponding Reactivation.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions described herein and has neither approved nor disapproved the contents of this press release.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THE INFORMATION CONTAINED IN THE NEWS RELEASE.

Contact Information

  • DPC Biosciences Corporation
    Christopher S. Kape
    President
    (778) 688-9194