Silver Fern Financial Ltd.
TSX VENTURE : SFL

October 28, 2005 12:43 ET

Silver Fern Financial Ltd. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - Oct. 28, 2005) - SILVER FERN FINANCIAL LTD. (TSX VENTURE:SFL) ("Silver Fern") is pleased to announce that it has completed its initial public offering of 5,000,000 common shares at the price of $0.20 per common share pursuant to its prospectus dated October 14, 2005 and will be filing all final listing documents with the TSX Venture Exchange Inc. (the "TSX Venture"). As a result of this issuance, the Corporation has 6,000,000 common shares issued and outstanding. The Corporation also granted options to acquire an aggregate of 600,000 common shares at an exercise price of $0.20 per share to directors of Silver Fern and an agent's option to acquire an aggregate of 500,000 shares at an exercise price of $0.20 per share to Canaccord Capital Corporation. There has been no material change in the business and affairs of Silver Fern other than the foregoing.

Silver Fern is a Capital Pool Company as defined in Policy 2.4 of the TSX Venture and is therefore subject to and governed by the restrictions of TSX Venture Policy 2.4. To date, Silver Fern has not conducted operations of any kind. Silver Fern proposes to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation subject to regulatory approval. Silver Fern does not own any assets, other than cash, and has not entered into an "Agreement in Principle", as such phrase is defined in Policy 2.4 of the TSX Venture, with respect to any acquisition.

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

Contact Information

  • Silver Fern Financial Ltd.
    Gordon D. Anderson
    CEO and a Director
    (403) 680-6400
    (403) 261-1707 (FAX)