Summus Capital Corp.

October 09, 2008 13:20 ET

Summus Capital Corp. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2008) - Summus Capital Corp. ("Summus" or the "Corporation") is pleased to announce that it has successfully completed its initial public offering through Northern Securities Inc. ("Northern") of 2,414,300 common shares at a price of $0.20 per share for aggregate gross proceeds of $482,860. Summus has received conditional listing approval for its common shares on the TSX Venture Exchange and expects that trading will commence shortly under the symbol "SS.P".

As part of the agency agreement with Northern Securities Inc., Summus has granted to Northern and certain sub-agents retained by Northen, non-transferable options to purchase up to an aggregate of 241,430 common shares at $0.20 per share. The options will be exercisable at any time from the date of issuance to 24 months from the date of listing of Summus' common shares on the TSX Venture Exchange.

In addition, Summus has adopted a stock option plan for the benefit of directors, officers and employees of, and consultants and service providers to, the Corporation. Summus has granted options to purchase 351,428 common shares of the Corporation at $0.20 per share to directors and officers of the Corporation, as previously disclosed in the amedned and restated final prospectus of the Corporation dated September 25, 2008.

Directors and officers of the Corporation hold directly or indirectly, or exercise control or direction over, an aggregate of 1,100,000 common shares of Summus, which represents approximately 31.3% of the outstanding common shares of the Corporation. An aggregate of 1,100,000 common shares are being held in escrow pursuant to an escrow agreement dated June 26, 2008 (the "Escrow Agreement"). Under the Escrow Agreement, 10% of the escrowed Common Shares will be released from escrow on the issuance of final acceptance by the TSX Venture Exchange and an additional 15% will be released on the dates 6 months, 12 months, 18 months, 24 months, 30 months and 36 months following the initial release.

Summus is a capital pool company governed by the policies of the TSX Venture Exchange. Summus' principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

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

Contact Information

  • Summus Capital Corp.
    Jason Krueger
    President and Chief Executive Officer and a Director
    (403) 374-1234