TORONTO, Jan. 22 /CNW/ - Sargasso Capital Corporation (the "Corporation")
(trading symbol "SGO.P"), a capital pool company, announced today that it has
received listing approval for its common shares from the TSX Venture Exchange
Inc. (the "Exchange") and has closed its Initial Public Offering, through
Canaccord Capital Corporation (the "Agent") of 3,000,000 common shares at
$0.20 per share for total gross proceeds of $600,000. The Agent acted as agent
for the offering and received an administration fee and commission equal to 8%
of the gross proceeds. The Corporation also issued compensation options to the
Agent entitling it to purchase up to 240,000 common shares of the Corporation
at $0.20 per share for a period of 24 months from the date of the listing of
the common shares of the Corporation on the Exchange.
The principal business of the Corporation is the identification and
evaluation of assets or businesses with a view to completing a "Qualifying
Transaction". The funds raised under the offering are to be used to pursue the
Corporation's Qualifying Transaction.
THE TSX VENTURE EXCHANGE INC. HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Richard D. McGraw, President, Chief Executive
Officer, Chief Financial Officer and Secretary, at: Telephone: (416) 944-2700,