VANCOUVER, Jan. 28 /CNW/ - DPVC Inc. (TSX Venture: DPV.P) ("DPVC"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announced today that it has filed with applicable securities regulatory authorities in each province and territory of Canada, other than the province of Quebec, and has received a receipt for, its preliminary prospectus dated January 27, 2010 (the "Preliminary Prospectus") in respect of the offering (the "Offering") of 19,685,714 common shares ("Shares") of the Corporation at a price of $0.35 per Share. The Offering is being carried out in connection with the proposed indirect acquisition by the Corporation of certain real property and securities as the Corporation's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"), as more particularly described in the Preliminary Prospectus.
This Offering is being made on a commercially reasonable best efforts basis by Wellington West Capital Inc., as lead agent, and Sora Group Wealth Advisors Inc. (collectively the "Agents") and is subject to an aggregate subscription of 19,685,714 Shares for total gross proceeds to the Corporation of $6,890,000. The Corporation has agreed to pay a commission to the Agents equal to 7% of the gross proceeds raised pursuant to the offering.
The net proceeds of the Offering will be used to fund the Acquisition and for general working capital.
The Qualifying Transaction, the Offering and the listing of the additional Shares on the Exchange are subject to all applicable regulatory approvals, including the approval of the Exchange.
Completion of the Qualifying Transaction and the Offering are subject to a number of conditions, including, but not limited to, Exchange acceptance. There can be no assurance that the Qualifying Transaction or the Offering will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Preliminary Prospectus, the final prospectus in respect of the Offering, or the filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Qualifying Transaction or the Offering and has neither approved or disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services 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 DPVC INC.
For further information: For further information: T. Richard Turner, President, CEO and Director, DPVC Inc., Telephone: (604) 408-3808, Facsimile: (604) 408-3801, Email: email@example.com