Marimba Capital Corp.

August 28, 2007 18:33 ET

Marimba Capital Corp. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2007) - Marimba Capital Corp. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering of 1,200,000 common shares (the "Common Shares") at $0.25 per share for gross proceeds of $300,000 (the "Offering") with Canaccord Capital Corporation ("Canaccord"). As a result of this issuance, the Corporation has 2,320,000 Common Shares issued and outstanding. In connection with the Offering, the Corporation granted warrants to acquire an aggregate of 100,000 Common Shares (the "Agent's Warrant") at an exercise price of $0.25 per share. The Agent's Warrant will expire 24 months from the date the Corporation's Common Shares are listed on the TSX Venture Exchange (the "Exchange"). Canaccord also received a cash commission equal to 10% of the gross proceeds of the offering and an administration fee.

The Corporation has also granted options to acquire an aggregate of 150,000 Common Shares at an exercise price of $0.25 per share 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 Corporation's Common Shares and the Corporation now intends to make application for final approval. It is expected that the Corporation's Common Shares will commence trading on the Exchange under the trading symbol "MRA.P".

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

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

Contact Information

  • Marimba Capital Corp.
    A. Murray Sinclair
    President and Chief Executive Officer
    (604) 689-1428
    (604) 681-4692 (FAX)