ITOK Capital Corp.

March 23, 2015 17:53 ET

NCEG Capital Corp. Issues a $90,000 Convertible Debenture to ITOK Capital Corp.

CALGARY, ALBERTA--(Marketwired - March 23, 2015) -


ITOK Capital Corp. ("ITOK" or the "Company") (NEX:ITK.H) is pleased to announce it has entered into a Convertible Debenture (the "Debenture") with NCEG Capital Corp ("NCEG"). The Debenture, in the principal amount of $90,000, matures on October 27, 2015 (the "Maturity Date") and bears interest at 12% per annum. Following identification of a reactivation transaction, it is ITOK's goal to restructure and re-list the common shares of the Company on the TSX Venture Exchange. ITOK has also completed its 2012 and 2013 year end audited financial statements. Upon receipt of full revocation of the Company's cease trade order and shareholder approval the principal amount of the Debenture will be convertible into units of the Company at a conversion rate of $0.05 per unit prior to the Maturity Date. Each unit will consist of one common share of the Company and one purchase warrant with each purchase warrant being exercisable into one common share of the Company upon payment of $0.05 per share before the date that is 5 years from the issuance date of the Debenture.

Concurrently with the reactivation transaction, the current management and Board of Directors of ITOK plan to resign and be replaced by the following nominees of NCEG:

Kris Oribabor - Chief Executive Officer, CFO and Director

Mr. Oribabor has 15 years of professional experience in the oil and gas, engineering and investment banking sectors across both developed and emerging markets. Mr. Oribabor, who is a trained accountant, also has both operational and investment banking experience with midsize companies focused on Africa. Mr. Oribabor is also a Managing Director at Ehid Group LLC, a private investment group focused on emerging markets.

Mo Fazil - President, Secretary and Director

Mr. Fazil has 19 years of investment experience with boutique Canadian investment dealers specializing in funding and listing international and Canadian small cap companies in Canada. Mr. Fazil is currently the President and Director of Fulucai Productions Ltd., listed on the OTCQB.

Antarezia Liang - Director

Ms. Liang has 15 years of professional experience in investment banking within energy, mining and real estate sectors. Ms. Liang is currently a Director in Centrium Capital, where she is responsible for North American investments in the mining, energy and diversified sectors. Ms. Liang had held the position of investment manager with a Canadian hedge fund. Prior to that, Ms. Liang was an investment banker with one of Canada's largest independent full service national investment dealers where she focused on cross-border M&A, private placements, IPOs & RTOs, as well as secondary offerings.

Harvey Lalach - Director

Mr. Lalach has diverse experience across business sectors and organizations. From 1986 through to 1997, he was involved in various roles in financial institutions starting at the Vancouver Stock Exchange and later working with BMO Nesbitt Burns and TD Bank. Mr. Lalach served as President and CEO for the following public companies: Assure Energy, Inc., Quarry Oil & Gas Corp., Anavex Life Sciences Corp. and Savary Capital Corp.

Gord Anderson - Director

Mr. Anderson has been employed with London Life in a variety of sales and management positions since 1975. He presently owns an estate planning firm, Anderson & Associates Financial Corp., which is licensed with London Life. He operates Freestyle Holdings Corp. and affiliated companies involved with real estate development and other investments. Since 1995 Mr. Anderson has started a number of CPCs on the TSX Venture Exchange.

ITOK Strategy

The Management and Board of Directors of ITOK plan to position the Company for the purpose of completing a reactivation transaction. ITOK is currently working with Mr. Ebibomo Timitimi, Executive Chairman at NewChannel Energy Group Ltd ("NewChannel"), an African focused Energy Group, to source and acquire an asset in Africa to complete its reactivation transaction. Mr. Timitimi stated, "I am very excited to help ITOK find a suitable asset in Africa that will make ITOK a world class listing on the TSX Venture Exchange".

Cease Trade Order

On March 6, 2015 ITOK received partial revocation of Cease Trade Orders from the Ontario, Alberta and British Columbia Securities Commissions. Trading of ITOK's common shares will remain halted pending receipt of full revocation of the Cease Trade Orders.

About NCEG

NCEG Capital Corp. is an investment company focused on investing in listed companies in Canada.

About ITOK

ITOK Capital Corp. is a former Capital Pool Company currently delisted from the NEX Exchange and focusing on asset acquisitions for the purpose of relisting its shares on the TSX Venture Exchange.

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