SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

July 18, 2011 09:31 ET

SelectCore Proposes Private Placement

TORONTO, ONTARIO--(Marketwire - July 18, 2011) - SelectCore Ltd. (TSX VENTURE:SCG), a prepaid telecom and financial services transaction processor for the under-banked consumer market, announces that, subject to regulatory approval, it has agreed to a non-brokered private placement of up to 16,666,666 units at a price of $0.30 per unit for gross proceeds of up to $5,000,000. Each unit is comprised of one (1) common share and one (1) common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) common share for a period of two (2) years from the date of issuance. The Warrants are exercisable at a price of $0.45 per common share. There may be a finder's fee paid in connection with the proposed private placement. The proceeds will be used to reduce the Company's debt and for general working capital and business development purposes.

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks related to market and financing conditions as well as risks associated with the prepaid telecom and prepaid financial industries, changes in project parameters as plans continue to be refined as well as those risk factors discussed in the Company's management's discussion and analysis for the period ended December 31, 2010, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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