E & E Capital Funding Inc.
TSX VENTURE : AEF

October 24, 2005 16:30 ET

E & E Capital Funding Has Approval for the Issuance of Shares for Debt

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2005) - E & E Capital Funding Inc. (TSX VENTURE:AEF) (the "Company") announces the approval of the issuance of shares for the satisfaction of the purchase price of the outstanding Preferred Shares and for the repayment of debt.

Pursuant to a Special Resolution passed by the Shareholders of the Company at the Annual and Special Meeting of the Company held on May 31, 2005 and with the approval of the TSX Venture Exchange, the Company will immediately complete the following:

(i) the issuance of up to 857,191 common shares (at a deemed value of $1.00 per share) in satisfaction of the purchase price for the purchase and cancellation of all the outstanding Series I and Series II Preference Shares (including accrued and unpaid dividends); and

(ii) the issuance of 1,464,246 common shares (at a deemed value of $1.00 per share) to settle outstanding debt for $1,464,246 to an insider of the Company.

On October 24, 2005 the Company issued 713,881 common shares for the repurchase of 84% of the outstanding Series I and Series II Preference Shares and 1,464,246 common shares to settle outstanding debt to an insider of the Company.

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

Contact Information

  • E & E Capital Funding Inc.
    Chris Carmichael
    CFO
    (416) 488-7760
    2300 Yonge Street, Suite 3000, Toronto, Ontario M4P 1E4