Savary Capital Corp.

May 15, 2008 17:38 ET

Savary Capital Corp. Announces Completion of Initial Public Offering and Listing of Common Shares

EDMONTON, ALBERTA--(Marketwire - May 15, 2008) - Savary Capital Corp. ("Savary")(TSXV: SCA), a capital pool company, is pleased to announce that it has completed its initial public offering of securities pursuant to a prospectus dated April 24, 2008. Savary received gross proceeds of $400,000 for the offering of 2,000,000 common shares at $0.20 per common share. The offering was carried out through Research Capital Corporation which was paid a 10% commission, reimbursed for its expenses, and granted an option to purchase 200,000 common shares at $0.20 per common share.

Savary intends to use the net proceeds of this offering to identify and evaluate potential acquisitions or participations with respect to its qualifying transaction.

As a result of the closing, Savary now has 3,000,000 common shares issued and outstanding with 200,000 common shares reserved for the agent's options and 300,000 common shares reserved for directors and officers incentive stock options.

The common shares of Savary will be listed on the TSX Venture Exchange as at May 16, 2008, under the trading symbol "SCA.P" as set out in the TSX Venture Exchange Bulletin dated May 15, 2008.

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

Contact Information

  • Savary Capital Corp.
    Harvey Lalach
    President and Chief Executive Officer
    (250) 864-2740
    (250) 764-9701 (FAX)