VANCOUVER, July 11, 2014 /CNW/ - KCO Capital Inc. ("KCO" or the "Company") (TSX VENTURE: KCO.P), a Capital Pool Company trading on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has closed its previously announced non-brokered private placement offering of 5,000,000 shares for gross proceeds of $500,000 (the "Private Placement"). The proceeds of the Private Placement will be used to finance the expenses of the Company's proposed Qualifying Transaction with 3 Tier Logic Inc. All securities issued in connection with the Private Placement will be subject to a four month hold period and certain resale restrictions.
In connection with the Private Placement, the Company paid a finder's fee in the amount of $44,500 and issued 445,000 finder's warrants. The finder's warrants entitle the holder thereof to purchase up to 445,000 common shares of the Company at an exercise price of $0.10 until July 10, 2016. The finder's warrants are subject to a four month hold period.
KCO, a capital pool company within the meaning of the policies of the Exchange, was incorporated in British Columbia on July 29, 2011 and was listed on the Exchange on October 26, 2012. KCO does not have any operations and has no assets other than cash. KCO's business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction.
This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of KCO. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. KCO does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Neither the 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.
SOURCE: KCO Capital Inc.
For further information: Kim Oishi, CEO, KCO Capial Inc., Telephone: 778 997-6228