TORONTO, Feb. 6 /CNW/ - SilverBirch Inc. (TSXV:SVB) announced today that
it had successfully closed its previously announced private placement with
Northern Rivers Capital Management Inc. As a result of the completion of the
private placement, 1,000,000 Units were issued, raising gross proceeds of
The private placement is with Northern Rivers Capital Management Inc.,
and placed within its three funds under the 'Innovation' mandate, which
includes the Northern Rivers Innovation Fund LP.
The securities were issued at a subscription price of $0.30 per unit.
Each unit will consist of one common share of the Corporation and one share
purchase warrant with each warrant entitling the holder to acquire an
additional common share at a price of $0.60 for two years from the date of
In other news, further to our press release of January 9, 2008, the TSX
Venture Exchange has approved the company's proposal to issue 95,000 common
shares to a small group of creditors in settlement of outstanding debt
amounting to $28,500.
The Northern Rivers placement carries a finder's fee of 70,000 units, and
following these transactions the Corporation will have a total of 65,615,436
common shares, issued and outstanding.
About SilverBirch Inc.
Toronto-based SilverBirch Inc. is a leading digital media company focused
on the fastest growing sectors of the video game and mobile markets. Operating
companies include Jambo Mobile Solutions, a fully integrated mobile media
company with capabilities in mobile messaging and mobile content delivery, and
SilverBirch Studios, a multi-platform video game developer and operator of an
MMORPG (massive multiplayer online role-playing game) called Metin2 (see
www.metin2.us). For more information, visit www.silverbirchstudios.com and
About Northern Rivers Capital Management Inc.
Northern Rivers Capital Management Inc. is an independent investment
company located in Toronto, Ontario. Our mission is to provide the best
possible investment products and absolute returns to investors.
Founded in 2001, we celebrated our sixth year anniversary in May of 2007.
Our initial offering, the Northern Rivers Innovation Fund LP, is one of
Canada's top performing alternative investment funds over five years. We
currently offer seven investment funds with varying degrees of risk, suitable
for a wide range of investor risk profiles. For more information, please visit
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the content of this news release.
For further information:
For further information: Derek van der Plaat, Chief Executive Officer,
SilverBirch Inc., Tel: (416) 621-6711 Ext 34, Email: firstname.lastname@example.org;
Graham Lowman, CFO/Secretary, SilverBirch Inc., Tel: (416) 621-6711 Ext 23,