Naples Capital Corp.
TSX VENTURE : NAP.P

September 20, 2007 10:47 ET

Naples Capital Corp.: Qualifying Transaction-Private Placement Closing Date; TSX.V Trading Halt

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Naples Capital Corp. (TSX VENTURE:NAP.P) ("Naples") announces that it has been advised by Takara Resources Inc. ("Takara") that Takara has closed the first tranche of its previously announced offering (the "Offering") by the issuance of 5,392,883 subscription receipts for gross proceeds of $1,887,509. As part of Naples proposed Qualifying Transaction (the "QT") a second tranche of the Offering is anticipated to be closed concurrently with the closing of the QT, for gross proceeds of $554,750 (1,585,000 Units). The QT is scheduled to close on or before September 24, 2007, resulting in aggregate gross proceeds from the Offering of $2,442,259.

Takara is the company which Naples proposes to acquire as part of Naples' QT. Given the closing of the Offering, Naples now anticipates being in a position to close its proposed QT in the near future, subject to the final approval of the TSX Venture Exchange (the "Exchange"). Particulars regarding the QT are contained in Naples' filing statement dated August 22, 2007, filed and available for review on SEDAR, together with additional disclosure documents, under Naples' profile.

Naples, a capital pool company ("CPC"), was originally listed for trading on the Exchange on August 22, 2005. Pursuant to the policies of the Exchange, a CPC must complete its qualifying transaction prior to its 24-month anniversary date. Naples has been advised by the Exchange that the Exchange has changed the trading status of Naples' securities to a halt effective September 17, 2007. Naples is pursuing completion of the QT at the earliest possible opportunity and has granted Takara an extension to September 24, 2007, to allow for completion. Assuming completion of the QT, Naples will seek approval from the Exchange to have the trading halt lifted so that trading in the shares of the Naples, as a Tier 2 Mining Issuer (post QT) company, can recommence in the normal course.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Naples, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Naples or its business operations. Naples disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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

Contact Information

  • Naples Capital Corp.
    Michael G. Thomson
    President
    (613) 832-7839 or (613) 864-4005 (cell)