New University Holdings Corp.

November 23, 2010 18:06 ET

New University Holdings Corp. Completes Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2010) - New University Holdings Corp. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 4,750,000 common shares (the "Common Shares") at a price of $0.10 per share for gross proceeds of $475,000 with Macquarie Private Wealth Inc. ("Macquarie"), as agent. As a result of this issuance, the Corporation now has 9,373,980 Common Shares issued and outstanding.

In connection with the Offering, the Corporation granted options to Macquarie to acquire an aggregate of 475,000 Common Shares (the "Agent's Option") at an exercise price of $0.10 per Common Share. The Agent's Option will expire 24 months from the date the Common Shares are listed on the TSX Venture Exchange Inc. (the "Exchange"). Macquarie also received a cash commission equal to 10% of the gross proceeds of the Offering and a corporate finance fee.

The Corporation has also granted options to acquire an aggregate of 937,398 Common Shares at an exercise price of $0.10 per option to the directors and officers of the Corporation, which expire 10 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 "NUH".

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

The common shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

  • New University Holdings Corp.
    Paul Lapping
    Chief Financial Officer
    (212) 409-2434