OphiraVencap Inc.

December 30, 2008 17:36 ET

OphiraVencap Inc. Announces the Closing of Its Qualifying Transaction With Knick Resources Inc.

MONTREAL, QUEBEC--(Marketwire - Dec. 30, 2008) - OphiraVencap inc. (the "Corporation") (TSX VENTURE: OPV.P) announces that it has completed its qualifying transaction consisting in the acquisition of all issued and outstanding securities of Knick Resources inc. ("Knick").

In the course of the acquisition, the Corporation will have issued to the shareholders of Knick 4,000,000 Common Shares of its share capital in exchange of all the securities of Knick.

Concurrent with the acquisition, the Corporation completed a private placement of its shares pursuant to which the Corporation sold to investors 764 Units A and 419 Units B. Each Unit A is composed of 1,600 Flow-Through Common Shares and 400 Common Shares, all of them at a price of $0,50 and each Unit B is composed of 1,500 Flow-Through Common Shares at a price of $0,70 per share. Further to these distributions of Common Shares, 10,248,861 Common Shares of the Corporation will be issued.

The commission payable to Union Securities Ltd, the Agent, was $120,395 and 215,650 broker warrants were issued, the warrants entitling it to acquire 215,650 Common Shares at prices varying between $0,45 and $0,70 until December 30, 2010.

The Corporation will change its corporate name for Knick Exploration inc. and trading of its shares is expected to resume in January on the TSX Venture Exchange under its new name and the symbol KNX.

Messrs. Maxime Charette, Jean-Charles Crombez and Jean-Claude Pilon have resigned from office as directors of the Corporation. Following theses changes, the Board of directors of the Corporation is comprised of the following directors:

Jacques Brunelle
Pascal Porlier
Luc Guimond
Alain Thivierge
Gordon N. Henrickson
Guy L'Africain
Robert Lacroix

The members of the Corporation's audit committee are Messrs. Alain Thivierge, Luc Guimond and Gordon N. Henrickson.

The Corporation hereby confirms that it has put in place a Stock Option Plan (the "Plan") for its directors, executive officers, employees and consultants entitling the grant of options equal to 10 % of the issued and outstanding shares at the time of the grant.

The TSX Venture Exchange does not assume any liability regarding the relevancy or the accuracy of this news release.

Contact Information

  • Knick Resources inc
    Jacques Brunelle