Cassowary Capital Corporation Limited Announces Closing of Initial Public Offering

/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in the United States.

CALGARY, Sept. 7, 2018 /CNW/ - Cassowary Capital Corporation Limited ("Cassowary" or the "Corporation") (TSX VENTURE: BIRD.P) is pleased to announce that on September 6, 2018, it has successfully completed its initial public offering ("Offering"), raising gross proceeds of $400,000 pursuant to a prospectus dated July 30, 2018.  An aggregate of 4,000,000 common shares in the capital of the Corporation (the "Shares") were subscribed for at a price of $0.10 per Share.  The Corporation has received conditional listing approval from the TSX Venture Exchange (the "Exchange") for its Shares and the shares are expected to commence trading on or about September 12, 2018 under the stock symbol BIRD.P.

Richardson GMP Limited (the "Agent") acted as the agent for the Offering.  The Agent received a cash commission equal to 10% of the gross proceeds of the Offering and an option to purchase 400,000 Shares at a price of $0.10 per Share for a period of 24 months from the date of listing of the Shares on the Exchange.  The Agent also received a corporate finance fee of $15,000 and reimbursement for certain expenses of the Offering.

Upon closing of the Offering, Cassowary granted 1,400,000 incentive stock options to its directors and officers which are exercisable within ten years from the date of the grant at an exercise price of $0.10 per Share. As a result of the closing of its initial public offering, Cassowary now has 14,000,100 Shares issued and outstanding (10,000,100 of which are subject to escrow restrictions).

About the Corporation

Cassowary is a capital pool company ("CPC") within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash.  The board of directors of the Corporation consists of Messrs. Stuart Olley, Gordon Chmilar, Martin Mix and Guy Lander.  The officers of the Corporation are Stuart Olley, Chief Executive Officer and Gordon Chmilar, Chief Financial Officer and Secretary.  Except as specifically contemplated in the Exchange's CPC policy, until the completion of its Qualifying Transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction.

Forward Looking Information

This news release contains statements about Cassowary's expectations regarding the completion of the application for listing, and the commencement of trading, on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange. Although Cassowary believes that the expectations reflected in these forward-looking statements are reasonable as Cassowary assumes it will be able to fulfill the terms of the conditional listing approval granted by the Exchange, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listing and inability to obtain required regulatory approvals. The forward-looking statements contained in this news release are made as of the date hereof, and Cassowary undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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 news release.

SOURCE Cassowary Capital Corporation Limited

For further information: Stuart Olley, Chief Executive Officer and Director at: Telephone: [phone], Fax: [phone]