Powerstar International Inc.

October 04, 2005 11:08 ET

Powerstar International Inc.: News Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 4, 2005) - Powerstar International Inc. ("Powerstar") is pleased to announce the completion of its initial public offering which closed today. Powerstar, a capital pool company as defined by TSX Venture Exchange Policy 2.4 (the CPC Policy), issued 8,712,500 common shares at a price of $0.20 per share for gross proceeds of $1,742,500.00. The financing was completed by prospectus offering, with the prospectus receipted July 8, 2005.

Jennings Capital Inc. acted as lead agent on behalf of a selling group, who were granted an option to acquire an aggregate of 871,250 common shares in the capital of Powerstar at $0.20 per share expiring 24 months from the date that the Corporation's common shares are listed for trading on the TSX Venture Exchange.

Powerstar will be actively pursuing a qualifying transaction as defined by the CPC Policy.

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

Contact Information

  • Powerstar International Inc.
    G. Steven Price
    President
    (403) 461-6664
    #1400, 707 - 7th Avenue S.W.
    Calgary, Alberta T2P 3H6