PACEpartners Inc. completes its initial public offering

/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 PIA.P.

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 of closing.

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
(281) 488-6508

Profil de l'entreprise

PACEpartners Inc.

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