PCI-1 Capital Corp.

November 11, 2010 08:46 ET

PCI-1 Capital Corp. Re-extends Deadline for Completion of Qualifying Transaction

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2010) -


PCI-1 Capital Corp. (the "Corporation"), a Toronto-based Capital Pool Company listed on the TSX Venture Exchange (the "Exchange") (TSX VENTURE:ICC.P), announces that it has extended the deadline for the completion of the acquisition by the Corporation of all of the issued and outstanding common shares of Curis Resources Ltd. ("Curis") (the "Acquisition") from October 31, 2010 to November 26, 2010. As consideration for the granting of such extension by the Corporation, Curis has agreed to pay all expenses of the Corporation incurred in connection with the Acquisition on or after July 15, 2010 if the Acquisition is not completed on or before November 26, 2010. The Acquisition, if completed, will constitute the "Qualifying Transaction" of the Corporation under Policy 2.4 of the Exchange.

Despite the foregoing extension, there can be no assurance that the Acquisition will be completed as proposed, or at all. Under the rules of the Exchange, trading in the common shares of the Corporation has been halted, and will remain halted, pending completion of the Acquisition.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Corporation.

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

  • For further information concerning the Acquisition and this
    press release, please contact: PCI-1 Capital Corp.
    Mr. Michael Bester, Director, Chief Executive Officer and
    Chief Financial Officer
    (416) 214-9672
    Or for Curis Resources Ltd. please contact:
    Investor Relations
    Hunter Dickinson Inc.
    (604) 684-6365