TORONTO, Oct. 1 /CNW/ - Nick Tsimidis, CEO and a director of DVD
Investments Limited (TSX Venture Exchange (NEX): DVD.H) ("DVD") today
announced a correction of its press release issued on September 27, 2007. The
purpose of this News Release is to clarify that the convertible debenture will
accrue interest at 10%, not 8% as previously announced.
The reverse take-over transaction (the "Transaction") with Mooncor Energy
Inc. ("Mooncor"), a private oil and gas company, and $4,057,801 concurrent
private placement financing (the "Financing") closed on September 28, 2007.
The Transaction and Financing are subject to final approval of the TSX Venture
Exchange (the "Exchange"). A more detailed press release will follow.
In addition, Nick Tsimidis will remain a director of the DVD and it is
expected that Paul Deslauriers, who was disclosed in DVD's Filing Statement as
a proposed director of the resulting issuer, will be one of management's
nominees as a director at the next annual general meeting of shareholders.
Nick Tsimidis beneficially owns, directly or indirectly, 744,272 common shares
Nick Tsimidis is a chartered accountant and the CFO, Compliance Officer,
and a director and shareholder of First Canadian Capital Markets Limited
("FCCM"), providing the firm with a sound business acumen and effective
financial analysis. His involvement in several large-scale acquisitions and
capital projects domestically and internationally over the years is an
integral asset, as are his proficiencies in deal structuring, corporate
governance and due diligence methodologies. Mr. Tsimidis specializes in
providing strategic corporate finance advisory services and has administered
transactions involving private placements and initial public offerings.
Nick Tsimidis started his career having spent six years with KPMG
providing auditing and assurance services to a wide variety of private and
public companies. Since 1993, Mr. Tsimidis has gained substantial experience
as a director, officer and consultant to numerous public companies. His
educational background includes graduation from the Faculty of Commerce at the
University of Toronto.
In connection with the Financing and subject to final approval of the
Exchange, DVD expects to pay FCCM, which raised $3,812,000 of the gross
proceeds, a finder's fee of $305,910 and to issue them 328,850 broker
warrants. Each broker warrant entitles the holder to one unit. Each unit shall
consist of one common share in the capital of DVD and one-half of one purchase
warrant. Each whole warrant shall entitle the holder to purchase one
additional common share at a price of $0.83 per share for a period of
18 months from the closing of the Financing.
The Filing Statement is the disclosure document that outlines the details
of the Transaction, the Financing, information about DVD and information about
the target company, Mooncor, and its business, including financial statements
of DVD, Mooncor and pro forma financial statements. Readers of this release
are encouraged to review the information in the Filing Statement.
Mooncor is a junior oil and gas exploration and production company based
in Calgary. Mooncor plans to specialize in the exploration and development of
unconventional gas projects most particularly in the Colorado shales in
western Canada. Mooncor also has a CBM project in Alberta and two conventional
oil and gas projects in Alberta. Mooncor has drilled 9 wells to date and
Mooncor's assets consist of rights to earn working interests in Mooncor's five
separate properties consisting of 263,511 gross acres (126,625 net acres) of
petroleum and natural gas Crown leases in Alberta and Saskatchewan.
The information in this press release related to Mooncor was provided to
DVD by Mooncor.
Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, 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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Nick Tsimidis, Chief Executive Officer, Tel: