TORONTO, Oct. 2 /CNW/ - GT Canada Capital Corporation ("GT Canada"), a capital pool company listed on the TSX Venture Exchange ("TSXV"), announced today that it has completed a non-brokered private placement of 1,255,668 common shares at a price of $0.1875 per share for gross proceeds of $235,437.75. All of the common shares issued to subscribers pursuant to the private placement are subject to a four-month hold period expiring February 2, 2010. GT Canada will use the proceeds of the private placement to pay for costs and expenses associated with its pursuit of the previously announced proposed qualifying transaction involving the acquisition of a medical office building in Hamilton, Ontario.
Completion of the proposed qualifying transaction is subject to a number of conditions, including but not limited to TSXV acceptance and majority of the minority shareholder approval. The qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the qualifying transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the proposed qualifying 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 Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
SOURCE GT CANADA CAPITAL CORPORATION
For further information: For further information: Andrew Shapack, Chief Executive Officer, GT Canada Capital Corporation, (416) 572-2170