Kolombo Technologies Ltd.

Kolombo Technologies Ltd.

October 31, 2006 16:34 ET

Kolombo Technologies Ltd.: Announcement

MONTREAL, QUEBEC--(CCNMatthews - Oct. 31, 2006) - Kolombo Technologies Ltd. ("Kolombo") announces that it has completed the first closing of its initial public offering ("IPO") for 3,351,366 common shares at a price of $0.75 per common share for an aggregate value of $2,513,524.50.

In connection with its IPO, Kolombo obtained an advance income tax ruling from the Ministere du Revenu du Quebec confirming that the common shares offered pursuant to the prospectus will qualify for inclusion in the SME Growth Stock Plan in accordance with the Taxation Act (Quebec).

Union Securities Ltd. ("Union") has acted as agent under the offering and Kolombo paid Union a cash commission of ten percent (10%) of the gross proceeds received from the first closing of the offering. In addition, Union has received agent options to purchase an additional 335,136 common shares at a price of $0.75 per common share which can be exercised for a period of 24 months from the initial closing date.

The proceeds from the offering will be affected towards the general working capital of Kolombo.

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

Contact Information

  • Kolombo Technologies Ltd.
    Martin Arsenault
    President and Chief Executive Officer
    418-686-3837 or Cellular : 514-726-2432
    418-686-2531 (FAX)