OTTAWA, Sept. 2 /CNW Telbec/ - YOW Capital Corp. ("YOW") (TSX Venture
Exchange: YOW.p), an Ottawa-based capital pool company, is pleased to announce
that, subject to the final approval of the TSX Venture Exchange, it has
completed its previously announced qualifying transaction (the "Qualifying
Transaction"). The Qualifying Transaction consisted of the acquisition of all
of the issued and outstanding common shares of 1618254 Ontario Limited
("1618254"), a company conducting mining exploration and development
activities in Alaska, U.S.A., and of the public offering of 8,000,000 units,
as further described below.
In return for their shares of 1618254, the shareholders of 1618254
received 2,550,000 common shares of YOW on a one-for-one exchange basis.
1618254's principal assets consist of an option that it holds from C-D
Development Corporation (the "Optionor") to acquire all of the Optionor's
right, title and interest in and to 31 mining claims known as the Caribou Dome
Property and an additional adjacent 66 mining claims staked by 1618254,
together totaling 10,240 acres, located in the Talkeetna mining district of
Alaska. Concurrent with the acquisition of 1618254, YOW completed a public
offering of 8,000,000 units, each unit consisting of one common share and
one-half common share purchase warrant, at a price of $0.15 per unit. A full
warrant entitles its holder to purchase one common share of YOW at a price of
$0.25 until September 1, 2010 and at $0.35 thereafter until September 1, 2011.
As a result of the completion of the Qualifying Transaction, an aggregate
of 17,050,000 common shares of YOW are issued and outstanding. Assuming that
all of the outstanding options and warrants are exercised and that Investpro
Securities Inc., the agent for the offering, fully exercises its
over-allotment option, 24,530,000 common shares will be issued and outstanding
on a fully diluted basis.
Following the closing of the Qualifying Transaction, Barry Gould, David
Gazsi and Patrick Murphy resigned from the board of directors of YOW and David
Lajack, Bernard Stannus and Michael England have been appointed as new
directors of YOW. Mr. Pierre Vella-Zarb replaces Mr. Paul Barbeau as President
YOW expects to file articles of amendment later today in order to change
its name to "Caribou Copper Resources Ltd.", as approved by the shareholders
at the company's annual general meeting.
Subject to final approval of the Exchange, the common shares of YOW will
be listed on Tier 2 of the Exchange under the symbol "CKR". YOW anticipates
that its common shares will commence trading on the Exchange under its new
name and trading symbol shortly following receipt of final approval from the
Further information concerning YOW and its newly appointed directors can
be found in its prospectus dated August 11, 2009 and in YOW's other filings
available on SEDAR at www.sedar.com.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Qualifying Transaction and has neither approved nor disapproved the
contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Mr. Paul Barbeau, YOW Capital Corp., 950
Gladstone Avenue, Suite 120, Ottawa, Ontario, K1Y 3E6, (613) 232-1567 (tel),
(613) 232-1658 (fax)