Silvor Foxx Capital Corp.

Silvor Foxx Capital Corp.

June 26, 2008 16:51 ET

Silvor Foxx Capital Corp. Announces Closing of Qualifying Transaction and Financing

HALIFAX, NOVA SCOTIA--(Marketwire - June 26, 2008) - Silvor Foxx Capital Corp. (the "Corporation") (TSX VENTURE:SFX.P) announces that it has closed its Qualifying Transaction with 3214399 Nova Scotia Limited ("Nova Scotia Co") by the issuance of 40,000,000 Common Shares in exchange for all of the issued and outstanding shares of Nova Scotia Co. Of the 40,000,000 Common Shares of the Corporation, 4,200,000 Common Shares are subject to Tier 2 Value Security Escrow Agreement and 35,800,000 Common Shares are free trading. Nova Scotia Co is a mineral exploration and development company and holds an interest in the property known as the Coxheath Property composed of 1,910 hectares located in Cape Breton County, Cape Breton, Nova Scotia. The Corporation is now the sole operator of the Coxheath Property.

The Corporation has also closed its $2,000,000 financing (the "Offering") pursuant to its Short Form Offering Document by the issuance of 10,000,000 Units, each Unit consisting of one Common Share of the Corporation and one-half of one common share purchase warrant (a whole common share purchase warrant called a "Warrant"). Each Warrant is exercisable until June 5, 2009 into one common share of the Corporation at a price of $0.25 per share.

Blackmont Capital Inc., together with its selling group members for the Offering, was granted agent's options to purchase in the aggregate 1,500,000 Common Shares of the Corporation at a price of $0.20 per share, which agent's options are subject to a four month hold period ending October 6, 2008.

The new board of directors of the Corporation consists of Harold Cabrita, Ronald Goguen and Ronald Johnston, as the new appointees, and Cameron McIntosh and Stephen Webster, current and remaining directors. Francis Leong has resigned as President and Chief Executive Officer and Cameron McIntosh has resigned as Secretary and remains as the Corporation's Chief Financial Officer. Harold Cabrita has been appointed as President and Chief Executive Officer, Jordan Keefe has been appointed as Secretary and Frederick J. Bonner has been appointed as Vice-President, Exploration.

The Corporation's Common Shares will resume trading on the TSX Venture Exchange on Friday, June 27, 2008 under the symbol SFX.

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

Contact Information

  • Silvor Foxx Capital Corp.
    Harold Cabrita
    (902) 832-1060
    (902) 422-9208 (FAX)