Exito Energy Inc.
TSX VENTURE : EXG.P

August 09, 2011 15:14 ET

Exito Energy Inc. Completes Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2011) - Exito Energy Inc. ("Exito") (TSX VENTURE:EXG.P) is pleased to announce that it has completed its initial public offering of 3,500,000 common shares (the "IPO") at a price of $0.10 per share for gross proceeds of $350,000 (the "Proceeds").

Canaccord Genuity Corp. acted as agent on the IPO (the "Agent"). Exito has paid the Agent a cash commission equal to 10% of the Proceeds and granted non-transferable agent's options to purchase 350,000 common shares of Exito at a price of $0.10 per share (the "Agent's Options"). The Agent's Options are exercisable for a period of 24 months from the date that Exito begins trading on the TSX Venture Exchange (the "Exchange"). The Agent also received an administration fee in connection with the IPO.

Exito also granted to its directors and officers incentive stock options to acquire 1,000,000 common shares at a price of $0.10 per share, exercisable for a period of five years from the date Exito begins trading on the Exchange (the "Director's Options").

Exito is a Capital Pool Company within the meaning of the policies of the Exchange. Exito has not commenced operations and has no assets other than cash. Exito's common shares are expected to commence trading on the Exchange on or before August 19, 2011 under the trading symbol "EXG.P".

The current directors and officers of Exito are: Brad Docherty, President, Chief Executive Officer, Chief Financial Officer, director and audit committee member; Eli Abergel, Corporate Secretary and director; Bill Matheson, director and audit committee member; Chris Scase, director and audit committee member; Andrew Oppenheim, director; Brody Loster, director; and Colin Reeves, director.

As a result of the IPO, Exito now has 10,000,000 common shares issued and outstanding with 350,000 common shares reserved for issuance upon the exercise of the Agent's Options and 1,000,000 common shares reserved for issuance upon the exercise of the Director's Options. When combined with funds raised prior to its IPO, the gross proceeds raised by Exito to date is $675,000.

About Exito

Exito is a Capital Pool Company created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value.

Contact Information

  • Exito Energy Inc.
    Brad Docherty
    President, CEO & CFO
    (403) 472-5767