ITOK Capital Corp.

May 02, 2008 15:51 ET

ITOK Capital Corp.

Press Release

TORONTO, ONTARIO--(Marketwire - May 2, 2008) - ITOK Capital Corp. (the "Corporation") (TSX VENTURE:ITK.P) - Sinclair Stevens, President and Chief Executive Officer of the Corporation, is pleased to announce that the Corporation today completed its initial public offering (the "Offering") of 1,000,000 common shares (the "Common Shares") at a purchase price of $0.30 per Common Share by way of a prospectus, filed in the Provinces of Alberta, British Columbia, and Ontario for gross proceeds of $300,000.

The Corporation is a Capital Pool Company as defined in the policies of the TSX Venture Exchange Inc. (the "Exchange"). To date, the Corporation has not conducted operations of any kind and has not entered into an "Agreement in Principle", as such phrase is defined in Exchange Policy 2.4 - Capital Pool Companies.

Research Capital Corporation ("Research") acted as agent in connection with the Offering. For its services, Research received a cash commission as well as options to purchase up to 100,000 Common Shares at an exercise price of $0.30 per Common Share, exercisable within twenty-four months from the listing of the Common Shares on the Exchange.

In addition, the Corporation granted options to its officers and directors to purchase up to 166,667 Common Shares at an exercise price of $0.30 per Common Share for a period of up to five years from the date of the closing of the Offering.

Upon the closing of the Offering, there were 1,667,667 Common Shares issued and outstanding, of which 667,667 Common Shares were being held in escrow.

It is expected that the Common Shares will be admitted for trading on the Exchange under the trading symbol "ITK.P" at the opening of the market on May 7, 2008.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • ITOK Capital Corp.
    Sinclair Stevens
    President and Chief Executive Officer
    (416) 798-7281