/NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION
TO U.S. NEWS WIRE SERVICES./
TORONTO, Sept. 7, 2012 /CNW/ - In connection with its previously
announced "best efforts" public offering of units ("Units"), SelectCore
Ltd. ("SelectCore" or the "Company") (TSX-V: SCG) is pleased to
announce that it has filed a final short form prospectus with the
securities regulatory authorities in the provinces of British Columbia,
Alberta and Ontario providing for the offering of a minimum of
25,000,000 Units and up to a maximum of 41,666,667 Units at price of
$0.12 per Unit (the "Offering") for gross proceeds of a minimum of
$3,000,000 and up to a maximum of $5,000,000. Each Unit will be
comprised of one common share of the Company (a "Common Share") and one
Common Share purchase warrant (a "Warrant"). Each Warrant will be
exercisable to acquire one Common Share at a price of $0.20 for a
period of three years following the closing of the Offering. The
Offering is being conducted by MGI Securities Inc. (the "Agent").
Additionally, the Company has granted the Agent an over-allotment option
exercisable in whole or in part at any time up to the 30th day following the closing of the Offering to arrange for the sale of up
to an additional 6,250,000 Units (or up to 6,250,000 of the underlying
Common Shares and/or up to 6,250,000 of the underlying Warrants) sold
pursuant to the Offering for aggregate gross proceeds of up to
$5,750,000 if the over-allotment option is exercised in full.
Closing of the Offering is anticipated to occur on or about September
14, 2012 and is subject to regulatory approval including the approval
of the TSX Venture Exchange and applicable securities regulatory
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.
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 risk that the Offering will
not be completed on the terms described or at all, 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