SelectCore announces closing of prospectus offering

/NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. NEWS WIRE SERVICES./

TORONTO, Sept. 21, 2012 /CNW/ - SelectCore Ltd. ("SelectCore" or the "Company") (TSX-V: SCG) is pleased to announce the closing of its previously announced "best efforts" public offering of units ("Units") pursuant to a short form prospectus (the "Offering").  The Offering was conducted by MGI Securities Inc. (the "Agent").  Each Unit was priced at $0.09 and consisted of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant").  Each Warrant is exercisable to acquire one Common Share at a price of $0.15 until September 21, 2015.

Pursuant to the Offering, the Company issued 59,138,183 Units, including 3,582,627 Units issued pursuant to the exercise of the over-allotment option granted to the Agent, for gross proceeds of approximately $5,322,436.  In consideration for the services of the Agent in connection with the Offering, the Company paid a cash commission equal to 8% of the gross proceeds of the Offering and issued compensation options to acquire up to an aggregate of 4,731,055 Units exercisable at a price of $0.09 per Unit until September 21, 2015.

The Company intends to use the net proceeds of the Offering for capital expenditures relating to additional network and infrastructure requirements, new hires, marketing and business development, reduction of trade payables and repayment of certain indebtedness. The Company will issue a corporate update in due course.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

About SelectCore

Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network.  SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSXV: SCG).  SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010.  SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this news release contains forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond SelectCore's control including, without limitation, the impact of general economic conditions, industry conditions, fluctuation of exchange rates, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect SelectCore's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SelectCore does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE: Selectcore Ltd.

For further information:

SelectCore Investor Relations 
(800) 584-8819 ext. 105
investor@selectcore.com
www.selectcore.com

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Selectcore Ltd.

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