CALGARY, ALBERTA--(Marketwire - Feb. 25, 2013) -
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Zorro Capital Inc. ("Zorro" or the "Corporation") (TSX VENTURE:ZOR.P) announces it has completed its initial public offering (the "Offering") raising gross proceeds of $300,000, pursuant to a prospectus dated November 26, 2012. A total of 3,000,000 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.10 per Share. PI Financial Corp. ("PI") acted as the agent for the Offering. PI received a cash commission equal to 10% of the gross proceeds of the Offering, a corporate finance fee and an option to purchase up to 300,000 Shares at a price of $0.10 per Share for a period of two years.
The Corporation now has 5,550,000 Shares issued and outstanding, with the directors and officers of Zorro, in aggregate, holding 2,550,000 Shares which are subject to escrow restrictions.
Upon the closing of the Offering, Zorro granted 525,000 incentive stock options to its directors and officers which are exercisable for a period of ten years from the date of the grant at an exercise price of $0.10 per Share.
The Shares have been listed on the TSX Venture Exchange Inc. and subsequently halted pending delivery of certain documents in connection with the closing of the Offering and are expected to begin trading under the stock symbol ZOR.P.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ABOUT ZORRO
The Corporation is a capital pool company (a "CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange Inc.'s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
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 news release.
Contact Information:
Doug Ford
Secretary
(604) 904-8481