Juno Capital Corp.

October 06, 2005 17:50 ET

Juno Capital Corp. Announces Failure to Complete Qualifying Transaction and Proposed Move to NEX

CALGARY, ALBERTA--(CCNMatthews - Oct. 6, 2005) -

(Not for dissemination in the United States)

Juno Capital Corp. (TSX VENTURE:JNO.P) ("Juno" or the "Company") has ceased negotiation with each of Discovery Drilling Funds Inc., Discovery Drilling Funds 1 Inc., Discovery Drilling Funds 2 Inc., Discovery Drilling Funds 3 Inc. and Discovery Drilling Funds 4 Inc. (collectively, the "Discovery Group") in connection with a proposed business combination previously announced on June 8, 2005. The proposed business combination would have constituted a qualifying transaction for Juno. Since Juno has not met the TSX Venture Exchange requirements to complete a qualifying transaction within 24 months of its initial public offering, it must either hold a shareholder meeting to approve the Company's move to the NEX board of the TSX Venture Exchange or alternatively, be delisted from the TSX Venture Exchange.

Juno has given notice of an annual and special meeting of shareholders to be held November 17, 2005 where shareholders will be asked to approve the move from the TSX Venture Exchange to NEX.

If Juno shareholders approve the move to NEX, the Company will continue to seek a transaction which would allow Juno to graduate back to the TSX Venture Exchange.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Juno Capital Corp.
    Louis R. Dufresne
    (403) 850-2198
    (403) 240-2729 (FAX)