Beanstalk Capital Ltd. and iCo Therapeutics Inc. amend arrangement agreement


    VANCOUVER, Oct. 31 /CNW/ - Beanstalk Capital Ltd. ( the "Company") is
pleased to announce that further to the Company's press release dated October
16, 2007, in which the Company and iCo Therapeutics Inc. ("iCo") announced
that they had entered into an arm's length arrangement agreement dated October
15, 2007 (the "Arrangement Agreement"), the Company and iCo would now like to
announce that they have entered into an amended and restated Arrangement
Agreement dated October 25, 2007. Under the amended and restated Arrangement
Agreement the brokered equity financing for the proposed transaction will now
be conducted through iCo, rather than the Company. Canaccord Capital
Corporation will act as the lead agent for the private placement and Haywood
Securities Inc. will participate as a syndicate member. The brokered financing
will consist of the sale of 1,840,000 subscription receipts of iCo at $0.98
per subscription receipt to raise gross proceeds of $1,803,200. Canaccord will
have the option to increase the size of the offering by selling up to an
additional 1,020,000 subscription receipts for additional gross proceeds of
$999,600. The proceeds from the sale of the subscription receipts will be held
in escrow by a third party pending closing of the qualifying transaction
("QT"). As a result of now raising funds in iCo and completing the QT under a
plan of arrangement, the shares issued upon exercise of the subscription
receipts subscribed for in this financing will be free trading upon closing of
the QT.

    Significant Conditions to Closing of QT

    Completion of the transaction is subject to a number of conditions
including, without limitation, approval by iCo's shareholders, approval of the
Supreme Court of British Columbia and the TSX Venture Exchange, and completion
by iCo of a private placement of subscription receipts having a minimum
aggregate subscription price of $1,803,200. There can be no assurance that the
transaction will be completed as proposed or at all.

    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 highly speculative.

    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.

    %SEDAR: 00024061E

For further information:

For further information: Rod Shier, Chief Financial Officer, Beanstalk
Capital Ltd., Telephone: (604) 682-2992 Ext. 222; John Meekison, Chief
Financial Officer, iCo Therapeutics Inc., Telephone: (604) 602-9414 Ext. 224

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