Vida Ventures Ltd.
TSX VENTURE : VDA.P

August 09, 2011 12:31 ET

Vida Ventures Ltd. Completes Initial Public Offering as a Capital Pool Company

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vida Ventures Ltd. ("Vida" or the "Company") (TSX VENTURE:VDA.P), a capital pool company, is pleased to announce that it has successfully completed its initial public offering (the "IPO") of 6,000,000 common shares at a price of $0.10 per share common share for gross proceeds of $600,000 (the "Proceeds").

The TSX Venture Exchange (the "Exchange") has conditionally approved the listing of Vida as a capital pool company, and trading in the Company's shares under the symbol "VDA.P" is expected to commence on August 11, 2011.

Canaccord Genuity Corp. acted as agent (the "Agent") for the IPO. The Company has paid the Agent a cash commission equal to 10% of the Proceeds and granted non-transferable agent's warrants (the "Agent's Warrants") to purchase 600,000 common shares of the Company at a price of $0.10 per share. The Agent's Warrants are exercisable for a period of 24 months from the date of the Company's initial listing on the Exchange. The Company also granted the agent the right of first refusal to provide any further brokered financing of equity or securities convertible into equity, and to provide sponsorship services for any Qualifying Transaction. The right of first refusal is for a period of 24 months from the date the shares are listed on the Exchange.

Vida also granted stock options to its directors and officers to acquire up to a total of 1,470,000 common shares, exercisable at $0.10 per share for a period of five years from the date Vida's shares are listed on the Exchange.

The Company is a capital pool company within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash.

The Company intends to use the net proceeds of the IPO to identify and evaluate potential Qualifying Transactions in accordance with the policies of the Exchange.

ON BEHALF OF THE BOARD

"IAT WAI CHAN"

IAT WAI CHAN, President & CEO

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. 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. 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

  • Vida Ventures Ltd.
    Iat Chan
    (604) 688-9588