Enterprise Capital Corporation

April 24, 2009 11:10 ET

Enterprise Capital Corporation Announces Closing of Its IPO

EDMONTON, ALBERTA--(Marketwire - April 24, 2009) - Enterprise Capital Corporation ("Enterprise") is pleased to announce that it has successfully completed its initial public offering as a capital pool company through Richardson Partners Financial Limited (the "Agent") of 1,500,000 common shares at the price of $0.20 per common share for gross proceeds of $300,000. At the closing of the offering, Enterprise granted to the Agent, certain of its employees and officers and a sub-agent, non-transferable agent's options exercisable to acquire collectively up to an aggregate of 150,000 common shares at a price of $0.20 per common share. These options may be exercised for a period of two years from the date of listing of Enterprise's common shares on the TSX Venture Exchange Inc. (the "Exchange"). The Agent also received an aggregate cash commission equal to 10% of the gross proceeds of the offering and a corporate finance fee of $10,000 plus GST.

At closing of the offering, Enterprise also granted an aggregate of 550,000 stock options to its directors and officers, which options are exercisable for a period of five years from closing at a price of $0.20 per common share.

Enterprise has received conditional listing approval for its common shares on the Exchange and expects that trading, under the symbol ECE.P, will commence shortly after it completes its application for listing. Enterprise is a capital pool company governed by the policies of the Exchange. Investors are cautioned that trading in securities of a capital pool company should be considered highly speculative.

Enterprise's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.

As a result of the closing of its initial public offering, Enterprise now has 5,500,000 common shares issued and outstanding (4,000,000 of which are subject to escrow restrictions), 550,000 common shares issuable upon the exercise of directors' and officers' stock options and 150,000 common shares issuable upon the exercise of the agent's options.

This news release contains statements about Enterprise's expectations regarding the completion of the application for listing and the commencement of trading on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange. Although Enterprise believes that the expectations reflected in these forward-looking statements are reasonable as Enterprise assumes it will be able to fulfill the terms of the conditional listing approval granted by the Exchange, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward- looking statements include failure to fulfill conditions of listing and inability to obtain required regulatory approvals. The forward-looking statements contained in this press release are made as of the date hereof, and Enterprise undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

Neither 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

  • Enterprise Capital Corporation
    Randall W. Yatscoff
    CEO and CFO
    (780) 863-5042