/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO UNITED
TORONTO, Feb. 28 /CNW/ - Penfold Capital Acquisition IV Corporation (the
"Company"), a capital pool company pursuant to Policy 2.4 of the TSX
Venture Exchange (the "TSX-V"), is pleased to announce that it has
closed the second tranche of its initial public offering (the
"Offering") of 2,965,000 common shares (the "Common Shares") at a price
of $0.10 per share for gross proceeds to the Company of $296,500. The
first tranche of the Offering of 7,035,000 Common Shares closed on
January 31, 2011 for gross proceeds of $703,500. In the aggregate, the
Company has issued 10,000,000 Common Shares for gross proceeds of
Northern Securities Inc. ("Northern") and Byron Securities Limited
("Byron") acted as agents for the Offering. In connection with the
Offering, the Company granted to Northern a non-transferable option to
purchase up to an aggregate of 1,000,000 Common Shares at a price of
$0.10 per share exercisable for a period of 24 months from the date the
Company's Common Shares are listed on the TSX-V. Northern received a
cash commission of 10% of the total gross proceeds of the Offering.
The Company's common shares have been conditionally approved for listing
on the TSX-V. The
Company expects its common shares will commence trading shortly under
the symbol PLD.P.
The net proceeds of the Offering will be used to identify and evaluate
assets or businesses for acquisition with a view to completing a
"Qualifying Transaction", as disclosed in the Company's prospectuses
dated December 10, 2010 and January 26, 2011.
The TSX-V has not reviewed and does not accept responsibility for the
adequacy or accuracy of this press release.
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested
in any forward-looking statements. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. Additional information identifying risks and
uncertainties is contained in the Company's filings with the Canadian
securities regulators, which filings are available at www.sedar.com.
SOURCE Penfold Capital Acquisition IV Corporation