Initial Capital Inc.

December 01, 2006 13:05 ET

Initial Loans Funds in Conjunction With Its Proposed Qualifying Transaction

CALGARY, ALBERTA--(CCNMatthews - Dec. 1, 2006) - Initial Capital Inc. (TSX VENTURE:INK.P) ("Initial"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announces that it has agreed to provide a secured loan of up to $150,000 to Digifonica International Corporation ("Digifonica") in conjunction with Initial's proposed Qualifying Transaction, being the acquisition of a controlling interest in Digifonica. The funds will be secured by a general security agreement covering all of Digifonica's present and after acquired assets. The funds will primarily be used by Digifonica to meet Digifonica's payroll and administrative expenses pending the closing of the proposed Qualifying Transaction. Initial has received the approval of the TSX Venture Exchange to the terms of the loan. For further information regarding the terms of the proposed Qualifying Transaction, please refer to Initial's news release dated November 6, 2006.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Initial Capital Inc.
    Gregory R. Harris
    President and CEO
    (403) 777-9222
    Digifonica International Corp.
    W. Gordon Blankstein
    (604) 682-2205