Springrock Capital Inc.

TSX VENTURE : SGK.P


January 30, 2013 17:19 ET

Springrock Capital Inc. Completes Initial Public Offering as a Capital Pool Company

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2013) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Springrock Capital Inc. ("Springrock", or the "Company") (TSX VENTURE:SGK.P), a capital pool company, is pleased to announce that it has completed its initial public offering. Springrock issued an aggregate of 1,000,000 common shares to purchasers in British Columbia, Alberta and Ontario at a purchase price of $0.20 per share for gross proceeds of $200,000. As a result of this issuance, the Company now has 2,000,000 common shares outstanding.

Mackie Research Capital Corporation acted as agent in respect of the offering and received a cash commission of $20,000, a corporate finance fee of $10,000 (plus HST) and the agent's expenses in connection with the offering (including legal fees). The Corporation also granted warrants to the agent to purchase 100,000 common shares for a period of two years from the date of the listing of the common shares of Springrock on the TSX Venture Exchange (the "Exchange") at an exercise price of $0.20 per common share.

Springrock has also granted options to acquire 200,000 common shares at a price of $0.20 per common share to the officers and directors of the Company which will expire ten years from the date of grant.

The board of directors of Springrock consists of Tony Wonnacott, Winston Bennett and Aaron Wolfe.

The Exchange has conditionally approved the listing of the Company's common shares it is anticipated that trading will commence on Friday February 1, 2013 under the symbol "SGK.P". The Company is a Capital Pool Company (as defined in the policies of the Exchange). The Company has not commenced operations and has no assets other than cash.

Pursuant to section 11.2 of National Instrument 51-102, the Company hereby gives notice that it has become a venture issuer.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's listing of its common shares on the Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the shares commencing trading on February 1, 2013. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

Contact Information

  • Springrock Capital Inc.
    Tony Wonnacott
    Chief Executive Officer, Corporate Secretary and Director
    (416) 907-7363
    tony@legalconsulting.ca