Enterprise Capital Corporation
TSX VENTURE : ECE.P

January 18, 2011 18:13 ET

Enterprise Capital Corporation Announces Termination of Letter of Intent

EDMONTON, ALBERTA--(Marketwire - Jan. 18, 2011) - Enterprise Capital Corporation (TSX VENTURE:ECE.P) ("Enterprise"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announced today that its proposed acquisition of all the issued and outstanding shares of Silverock Holdings Inc. ("Silverock") has been terminated.

On September 9, 2010, Enterprise announced that it had entered into an amended and restated letter of intent pursuant to which it intended to acquire all of the issued and outstanding common shares of Silverock. The transaction was to constitute Enterprise's Qualifying Transaction pursuant to the policies of the Exchange. Closing was subject to a number of conditions, including the completion of a private placement financing by Silverock for gross proceeds of approximately $80,000,000. As the conditions to proceed with the Qualifying Transaction were not satisfied within the required time period, the Qualifying Transaction was terminated.

Management of Enterprise intends to continue to pursue other transactions to serve as the Qualifying Transaction of Enterprise.

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
    Glen Murphy
    President, Chief Executive Officer, Chief Financial Officer
    and Secretary
    (403) 660-3933