The Phoenician Fund Corporation I

July 07, 2010 09:47 ET

The Phoenician Fund Corporation I Transfer to NEX Board

TORONTO, ONTARIO--(Marketwire - July 7, 2010) - The Phoenician Fund Corporation I (the "Company") (TSX VENTURE:PO.P), a capital pool company, today announced that it has received the requisite shareholders and TSX Venture Exchange ("TSXV") approvals to transfer its listing to the NEX board of the TSXV, as it has not completed a qualifying transaction within the timeframe prescribed by the TSXV. In accordance with TSXV Policy 2.4 – Capital Pool Companies, 625,000 common shares, representing 50% of the seed shares sold to non-arm's length parties of the Company at a discount to the initial public offering price, have been cancelled. 

The Company's listing transfer to the NEX board will be effective July 8, 2010, upon which the Company will be subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. The Company's trading symbol will change from "PO.P" to "PO.H" and its tier classification will change from Tier 2 to NEX. Trading in the Company's shares will remain halted.

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

Contact Information