TrinCan Capital Corp.

April 18, 2008 15:38 ET

TrinCan Capital Corp. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - April 18, 2008) - TrinCan Capital Corp. ("TrinCan" or the "Corporation") is pleased to announce that it has successfully completed its initial public offering through Blackmont Capital Inc. (the "Agent") of 2,000,000 common shares ("Common Shares") at a price of $0.10 per share for aggregate gross proceeds of $200,000. TrinCan has received conditional listing approval for its Common Shares on the TSX Venture Exchange and expects that trading will commence shortly under the symbol "TRN.P".

As part of the agency agreement dated January 21, 2008 with the Agent, TrinCan has granted to the Agent and its sub-agents, a non-transferable option to purchase up to 200,000 Common Shares at $0.10 per share. The option will be exercisable at any time from the date of issuance to 24 months from the date of listing of TrinCan's Common Shares on the TSX Venture Exchange. Further, pursuant to the agency agreement, the Agent received a cash commission equal to 10% of the gross proceeds of the offering.

In addition, TrinCan has adopted a stock option plan for the benefit of directors, officers and employees of, and consultants and service providers to, the Corporation. TrinCan has granted options to purchase 800,000 Common Shares of the Corporation at $0.10 per share to directors and officers of the Corporation, as previously disclosed in the final prospectus of the Corporation dated January 21, 2008.

Directors and officers of the Corporation hold directly or indirectly, or exercise control or direction over, an aggregate of 3,000,000 Common Shares of TrinCan, which represents approximately 37.5% of the outstanding Common Shares of the Corporation. An aggregate of 6,000,000 Common Shares are being held in escrow pursuant to an escrow agreement dated effective January 21, 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.

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

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

Contact Information

  • TrinCan Capital Corp.
    Burkhard Franz
    Chief Financial Officer, Corporate Secretary and a Director
    (250) 358-2546