TSX Venture Exchange
Canadian Trading Symbol: ADP
VANCOUVER, June 26 /CNW/ - Accend Capital Corporation (the
"Corporation"), a capital pool company pursuant to Policy 2.4 of the TSX
Venture Exchange (the "TSX-V"), is pleased to announce that it has completed
its initial public offering (the "Offering") of 1,000,000 common shares (the
"Shares") issued at a price of $0.20 per Share resulting in gross proceeds to
the Corporation of $200,000.
The Corporation's directors and officers are: Andy Edelmeier, President,
Chief Executive Officer and Director; Daniel Burns, Chief Financial Officer,
Secretary and Director; Douglas Hayhurst, Director; and Gregg Sedun, Director.
A commission of 10% of the gross proceeds of the Offering was paid to the
Corporation's agent, Raymond James Ltd. ("Raymond James"). In addition,
Raymond James received 100,000 non-transferable options to acquire up to
100,000 Shares at a price of $0.20 per Share for a period of 24 months, in
consideration for its services as the Corporation's agent.
The Corporation previously received gross proceeds of $267,500 from the
sale of 2,600,000 common shares (the "Seed Shares") to its directors,
officers, associates and members of the Aggregate Pro Group (as defined in
Policy 1.1 of the TSX-V) and $90,000 from the sale of 450,000 common shares
(the "Private Placement Shares") in a non-brokered private placement prior to
the Offering. All Seed Shares were placed in escrow in accordance with the
policies of the TSX-V. The Private Placement Shares were placed in escrow in
accordance with an escrow agreement dated March 6, 2008
The Corporation has also granted incentive stock options to its directors
and officers to acquire up to an aggregate of 405,000 Shares at a price of
$0.20 per Share.
The net proceeds of the Offering, the Private Placement Shares and the
Seed Shares will be used by the Corporation to identify and evaluate assets or
businesses for acquisition with a view to completing a "Qualifying
Transaction" under the capital pool company program of the TSX-V.
Upon completion of the Offering, the Corporation had 4,050,000 Shares
issued and outstanding, which Shares are expected to commence trading on the
TSX-V shortly under the symbol "ADP.P".
Additional information relating to the Corporation and the Offering can
be located in the final prospectus of the Corporation dated May 29, 2008
available online at www.sedar.com.
On behalf of the Board of Directors
President, Chief Executive Officer and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Andy Edelmeier, Telephone: (604) 696-3610, Fax:
(604) 687-0073, Email: email@example.com