CALGARY, Dec. 22 /CNW/ - SinoGas West Inc. (the "Company" or "SinoGas") is pleased to report that it has successfully completed its initial public offering (the "IPO") of 8,100,000 common shares at a price of $0.10 per share for total gross proceeds of $810,000.00 pursuant to a prospectus dated October 21, 2009 (the "Offering").
Canaccord Financial Ltd. (formerly Canaccord Capital Corp.) ("Canaccord") acted as the agent for the Offering. Canaccord received a cash commission of 10% of the gross proceeds of the Offering. The Company also granted agent's options to Canaccord to purchase up to an aggregate of 810,000 common shares at a price of $0.10 per share (the "Agent's Options"). The Agent's Options are exercisable for a period of 24 months from the date the Company's common shares are listed on the TSX Venture Exchange (the "Exchange"). Not more than 50% of the common shares received on the exercise of the Agent's Option may be sold by the Agent prior to the completion of the qualifying transaction. The remaining 50% may be sold after the completion of the Qualifying Transaction.
The Company's common shares been conditionally approved for listing on the Exchange under the trading symbol "GZW.P". Further information will be provided when the date on which the Company expects that its common shares will commence trading is confirmed.
ABOUT SINOGAS WEST INC.
The Company is a capital pool company ("CPC") within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The Company proposes to identify and evaluate businesses and assets with a view to completing a "Qualifying Transaction" under the Exchange's CPC policies. The funds raised under the IPO will be used to pursue the Company's Qualifying Transaction.
The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.
SOURCE SINOGAS WEST INC.
For further information: For further information: Wise Wong, President and Chief Executive Officer at: 1500, 407 - 2nd Street S.W., Calgary, Alberta, T2P 2Y3, Telephone: (416) 820-0416, Fax: (403) 230-7878