/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
Tel: (416) 944 - 2700