/NOT FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 23, 2012 /CNW/ - PACEpartners Inc. (PACEpartners) (TSX Venture: PIA.P), a capital pool company, is pleased to announce
the closing of its initial public offering (Offering) of 2,500,000 class A common shares (Common Shares) at a price of $0.20 per share for gross proceeds of $500,000.
PACEpartners' Common Shares were listed on the TSX Venture Exchange (TSXV) at the opening of trading on Thursday, February 23, 2012 and trading
was halted, at the request of PACEpartners, pending receipt of certain
documentation by the TSXV. It is expected that the Common Shares will
resume trading on Friday, February 24, 2012 under the stock symbol
Macquarie Private Wealth Inc. (Macquarie) acted as agent for PACEpartners in connection with the Offering.
Macquarie received a corporate finance fee, a cash commission equal to
10% of the gross proceeds of the Offering and was issued options
entitling it to purchase 250,000 Common Shares at a price of $0.20 per
share, exercisable for a period of 24 months from the date of the
listing of the Common Shares on the TSXV.
The board of directors of PACEpartners consists of Philip A. Tuttle,
Chester J. Jachimiec, C. Lal Narang and Ian E. Gallie. In connection
with the closing of the Offering, PACEpartners has issued an aggregate
of 331,667 options to the directors of PACEpartners at a price of $0.20
per share, exercisable for a maximum period of 10 years from the date
The principal business of PACEpartners is the identification and
evaluation of assets or businesses with a view of completing a
"Qualifying Transaction" under the capital pool company program of the
TSXV, as disclosed in PACEpartners' prospectus dated January 24, 2012,
which is available at www.sedar.com.
The funds raised under the Offering will be used by PACEpartners to
identify and evaluate assets and businesses for acquisition with a view
to completing a Qualifying Transaction.
The securities mentioned herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, or the
securities laws of any state, and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements. This press release does not constitute an
offer to sell or the solicitation of any offer to buy these securities
in any jurisdiction.
INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A CAPITAL POOL
COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE.
NEITHER TSX VENTURE EXCHANGE INC. NOR ITS REGULATION SERVICE PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE PACEpartners Inc.
For further information:
Chester J Jachimiec
Director, Vice-President, Chief Financial Officer and Corporation Secretary