First One Capital Inc.

March 02, 2005 17:41 ET

First One Capital Inc. Completes Initial Public Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST ONE CAPITAL INC.

TSX VENTURE SYMBOL: FOC.P

MARCH 2, 2005 - 17:41 ET

First One Capital Inc. Completes Initial Public
Offering

TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - First One Capital Inc.
(TSX VENTURE:FOC.P) is pleased to announce that it has completed an
initial public offering in Alberta and Ontario of 3,418,827 common
shares at a price of $0.30 per share for gross proceeds to the company
of $1,025,648. Following the closing of the offering, a total of
6,752,160 common shares of First One Capital were issued and
outstanding, of which 3,333,333 were held in escrow pursuant to the
policies of the TSX Venture Exchange.

The net proceeds of the offering will be used by First One Capital to
identify and evaluate assets or businesses for acquisition with a view
to completing a "Qualifying Transaction" under the capital pool company
program of the TSX Venture Exchange.

Research Capital Corporation acted as agent for the initial public
offering. In connection with the offering, the First One Capital granted
Research Capital Corporation and members of its selling group
non-transferable options to acquire up to an aggregate of 341,883 common
shares at a price of $0.30 per share. The options may be exercised until
September 2, 2006. In connection with the offering, Research Capital
Corporation also received a commission equal to 10% of the aggregate
gross proceeds of the sale of the common shares.

At the closing, First One Capital also granted stock options to its four
directors and officers in exercisable to acquire an aggregate of 675,216
common shares. The options may be exercised until March 2, 2010 at a
price of $0.30 per share.

The current directors and officers of First One Capital are: Owen
Menzel, Chief Executive Officer, Chief Financial Officer and Director;
Chris Tambakis, Director; John Hamilton, Director; and Jeffrey Dawson,
Secretary and Director.

It is anticipated that the common shares of First One Capital will
commence trading on the TSX Venture Exchange on or about Monday, March
7, 2005 under the stock symbol "FOC.P".

For further information please see the Amended and Restated Prospectus
of First One Capital dated November 26, 2004 filed on SEDAR.



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    First One Capital Inc.
    Owen Menzel
    Chief Executive Officer,Chief Financial Officer and Director
    (416) 919-5735
    The TSX Venture Exchange does not accept responsibility for the
    adequacy or accuracy of this release.