Regent Pacific Properties Inc.

July 16, 2008 16:38 ET

Regent Pacific Properties Inc. Announces Completion of Initial Public Offering and Listing of Common Shares

EDMONTON, ALBERTA--(Marketwire - July 16, 2008) - Regent Pacific Properties Inc. ("Regent") (TSX VENTURE:RPP.P) a capital pool company, is pleased to announce that it has completed its initial public offering of securities pursuant to a prospectus dated April 23, 2008. Regent received gross proceeds of $300,000 for the offering of 1,500,000 common shares at $0.20 per common share. The offering was carried out through Northern Securities Inc. which was paid a 10% commission, a corporate finance fee, reimbursed for its expenses, and granted a non-transferable option to purchase 150,000 common shares at $0.20 per common share which option may be exercised for a period of 24 months from the date the common shares are listed on the TSX Venture Exchange.

Regent intends to use the net proceeds of this offering to identify and to evaluate potential assets or businesses with a view to completing a qualifying transaction.

As a result of the closing, Regent now has 2,800,000 common shares issued and outstanding with 150,000 common shares reserved for the agent's options and 280,000 common shares reserved for directors and officers incentive stock options.

Regent's board of directors consists of Eddie W.W. Yu, Edward (Ted) Power, David Yu, and David Tam.

The common shares of Regent will be listed on the TSX Venture Exchange as at July 17, 2008, under the trading symbol "RPP.P "as set out in the TSX Venture Exchange Bulletin dated July 16, 2008.

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

Contact Information

  • Regent Pacific Properties Inc.
    Eddie W.W. Yu
    President and Chief Executive Officer
    (780) 424-9898
    (780) 437-9899 (FAX)