Kramer Capital Corp.

May 13, 2011 14:47 ET

Kramer Capital Corp. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Kramer Capital Corp. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 1,200,000 common shares (the "Common Shares") at a price of $0.20 per share for gross proceeds of $240,000 with Canaccord Genuity Corp. ("Canaccord"), as agent. As a result of this issuance, the Corporation now has 2,350,000 Common Shares issued and outstanding.

In connection with the Offering, the Corporation granted warrants to Canaccord to acquire an aggregate of 100,000 Common Shares (the "Agent's Option") at an exercise price of $0.20 per warrant. The Agent's Option will expire 24 months from the date the Common Shares are listed on the TSX Venture Exchange Inc. (the "Exchange"). Canaccord also received a cash commission equal to 7.5% of the gross proceeds of the Offering and a corporate finance fee.

The Corporation has also granted options to acquire an aggregate of 150,000 Common Shares at an exercise price of $0.20 per option to the directors and officers of the Corporation, which expire 5 years from the date of grant.

The Corporation is a capital pool company under the policies of the Exchange. The Exchange has conditionally approved the listing of the Common Shares and the Corporation now intends to make application for final approval. It is expected that the Common Shares will commence trading on the Exchange under the trading symbol "KRM.P".

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kramer Capital Corp.
    Brian E. Bayley, President, Chief Executive Officer,
    Chief Financial Officer, Corporate Secretary and Director
    (604) 689-1428