L1 Capital Corp.

April 21, 2008 17:00 ET

L1 Capital Corp. Completes $550,000 Initial Public Offering

CALGARY, ALBERTA--(Marketwire - April 21, 2008) - L1 Capital Corp. (the "Company"), a capital pool company, is pleased to announce that on April 15, 2008, it completed its initial public offering (the "Offering") of 2,750,000 common shares at a price of $0.20 per share for gross proceeds to the Company of $550,000.

PI Financial Corp. ("PI Financial") acted as lead agent for the Offering. In connection with the Offering, PI Financial received a cash commission of 10% of the gross proceeds of the Offering, a corporate finance fee and the Company granted non-transferable Agent's Option to purchase up to an aggregate of 275,000 common shares at a price of $0.20 per share exercisable for a period of 24 months from the date the Company's common shares become listed on the TSX Venture Exchange (the "Exchange").

The Company's common shares have been conditionally approved for listing on the Exchange. The Company expects its common shares will commence trading on April 23, 2008 under the symbol, "LOA.P".

The net proceeds of the Offering will be used to identify and evaluate assets of businesses for acquisition with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the Exchange as disclosed in the Company's prospectus dated March 31, 2008.

At the closing of the Offering, the Company also granted stock options to its directors and officers to acquire an aggregate of 395,000 common shares at a price of $0.20 per share exercisable until April 15, 2013.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

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

Contact Information

  • L1 Capital Corp.
    Gordon Travis
    President and Chief Executive Officer
    (403) 809-9181
    (403) 284-3184 (FAX)
    Email: grtravis@shaw.ca