Silvor Foxx Capital Corp.

Silvor Foxx Capital Corp.

April 18, 2008 17:54 ET

Silvor Foxx Capital Corp. Announces Financing by Short Form Offering Document

CALGARY, ALBERTA--(Marketwire - April 18, 2008) - Silvor Foxx Capital Corp. ("Silvor Foxx" or the "Corporation") (TSX VENTURE:SFX.P) is pleased to announce that pursuant to an agency agreement dated April 18, 2008 between Silvor Foxx, 3214399 Nova Scotia Limited ("Nova Scotia Co"), Coxheath Resources Ltd., and Blackmont Capital Inc. ("Blackmont"), Blackmont has been appointed as agent for and on behalf of Silvor Foxx to raise on a commercially reasonable efforts basis $2,000,000 from the sale of units of Silvor Foxx ("Units") at a price of $0.20 per Unit (the "Offering"). The Units will be offered by way of a Short Form Offering Document in the Provinces of Alberta, British Columbia, and Nova Scotia.

Each Unit will consist of one common share of the Corporation and one-half of one common share purchase warrant (one whole common share purchase warrant called a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share of the Corporation at a price of $0.25 per share for a period of twelve months from the date of issue.

Blackmont will receive a cash commission equal to 10% of the gross proceeds received by the Corporation from the sale of the Units and as well will be paid a corporate finance fee equal to $20,000, plus applicable taxes. In addition, Silvor Foxx will grant to Blackmont a nontransferable option entitling Blackmont, for a period of twelve months from the date of closing of the Offering, to purchase such number of Common Shares, for an exercise price of $0.20 per Common Share, as is equal to 15% of the aggregate number of Units sold.

The closing of the Offering is subject to the closing of the acquisition by the Corporation of all of the outstanding shares of Nova Scotia Co, such acquisition being the Corporation's proposed Qualifying Transaction, as well as receipt of the approval of the TSX Venture Exchange. Nova Scotia Co is a mineral exploration and development company which has a 100% interest in the base and precious metal rights in that certain property (the "Coxheath Property") composed of 1,910 hectares located in Cape Breton County, Cape Breton, Nova Scotia.

The Corporation intends the net proceeds from the sale of the Units to be allocated to Phase 1 of the exploration program on the Coxheath Property; to general and administrative expenses of the Corporation for 12 months; and to unallocated working capital.

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

Contact Information

  • Silvor Foxx Capital Corp.
    Francis Leong
    President and Chief Executive Officer
    (403) 861-5618
    (403) 532-0847 (FAX)
    3214399 Nova Scotia Limited
    Harold J. Cabrita
    (902) 880-7888
    (902) 422-9208 (FAX)