Drako Capital Corp.
TSX VENTURE : DKC.P

September 29, 2010 16:37 ET

Drako Capital Corp. Closes $1,000,000 Million Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 29, 2010) - Drako Capital Corp. (TSX VENTURE:DKC.P) ("Drako" or the "Corporation") is pleased to announce that it has closed a non-brokered private placement of 4,000,000 common shares in the capital of the Corporation at a price of $0.25 per share for gross proceeds of $1,000,000 (the "Private Placement").

The Corporation paid a finders fee in the amount of $50,000 to PI Financial Corp. representing 5% of the gross proceeds of the Private Placement.

The Corporation is a "capital pool company" and intends to use the net proceeds of the Private Placement to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the policies of the TSX Venture Exchange.

Forward-Looking Information Cautionary Statement

Certain information regarding the Corporation in this press release including the anticipated use of the net proceeds thereof, may constitute forward-looking statements under applicable securities laws. Although Drako believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Drako can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent ricks and uncertainties.

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or the Corporation's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the Corporation's stated expectation to complete the Private Placement is forward-looking information. Actual results and developments may differ materially from those contemplated by this forward-looking information. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

The forward looking statements contained in this press release are made as of the date hereof and Drako undertakes no obligation to update publicly or revise any forward looking statements or information, whether s a result of new information, future events or otherwise, unless so required by applicable securities laws.

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 THE RELEASE.

Contact Information

  • Drako Capital Corp.
    Robert J. Dales
    President and Chief Executive Officer
    (403) 690-3884