The Phoenician Fund Corporation I



    TSX Venture Exchange Symbol: PO.P

    TORONTO, July 25 /CNW/ - The Phoenician Fund Corporation I (the
"Corporation") is pleased to announce that it is in the process of completing
a brokered private placement of common shares. The Company is raising $449,960
through the issuance of 4,285,333 common shares at a price of $0.105 per
common share. The brokers completing the transaction are Pope & Company
Limited, Magna Partners Limited and C&W Consulting LLP. The commission to be
payable upon closing of this private placement will total $44,996. The common
shares are subject to a four month hold period expiring on the date of the
closing of the private placement. The proceeds from the private placement will
be used to identify and evaluate assets or businesses for purposes of
completing a Qualifying Transaction.

    The Corporation is the second Capital Pool Company ("CPC") formed by
Phoenician Family of Funds ("Phoenician Family") in Canada. The Phoenician
Family of Funds is engaged in the creation of publicly listed special purpose
vehicles administered in Canada under the TSX Venture's Capital Pool Company
program. More information can be found on SEDAR by reviewing the prospectus,
on www.phoenicianfunds.com or by contacting Edwin Lee, President and CEO of
the Issuer.

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this 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 Corporation 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
Corporation. Additional information identifying risks and uncertainties is
contained in the Corporation's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.





For further information:

For further information: Edwin S. Lee, President and Chief Executive
Officer, The Phoenician Fund Corporation I, T: (416) 358-8181,
info@phoenicianfunds.com, www.phoenicianfunds.com

Organization Profile

PHOENICIAN FUND CORPORATION I

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