SARGASSO CAPITAL CORPORATION ANNOUNCES CONDITIONAL APPROVAL OF QUALIFYING TRANSACTION

/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 3 /CNW/ - Sargasso Capital Corporation (the "Corporation") (TSXV: SGO.P), a capital pool company, is pleased to announce that the TSX Venture Exchange Inc. (the "Exchange") has conditionally accepted the acquisition of all of the issued and outstanding shares of C2C Industrial Properties Ltd. ("C2C") as the Corporation's qualifying transaction pursuant to the policies of the Exchange (the "Qualifying Transaction").  Final approval of the Exchange is subject to the Corporation fulfilling all of the requirements of the Exchange.  In connection with the Qualifying Transaction, the Corporation filed on SEDAR the filing statement of the Corporation dated May 2, 2011, which contains full disclosure regarding the Qualifying Transaction and the business of C2C.  The Corporation expects to close the proposed Qualifying Transaction on or about March 16, 2011 in accordance with Policy 2.4 of the Exchange.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority and minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be closed as completed or at all.

Exchange approval requires, among other things, satisfaction by the Resulting Issuer of the initial listing requirements, including adequate financial resources and working capital, sponsorship, background review of the proposed directors, officers and insiders and share distribution. The Corporation believes that the minimum listing requirements will be satisfied or waived.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the 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.

All information contained in this news release with respect to the Corporation and C2C was supplied by the Corporation and C2C, respectively, for inclusion herein, and with respect to such information, the Corporation and its board of directors and officers have relied on C2C.

All of the Corporation's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this release.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Sargasso Capital Corporation

For further information:

Richard D. McGraw, President, Chief Executive Officer, Chief Financial Officer and Secretary
Sargasso Capital Corporation
E-mail: rmcgraw@loigroup.com
Tel:  (416) 944 - 2700

Organization Profile

Sargasso Capital Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890