The Phoenician Fund Corporation I

    TSX Venture Exchange Symbol: PO.P

    TORONTO, July 30 /CNW/ - The Phoenician Fund Corporation I (the
"Corporation") is pleased to announce the successful completion of a brokered
private placement offering (the "Private Placement") of 4,285,333 common
shares at $0.105 per common share for gross proceeds of $449,960. The brokers
who participated in the transaction are Pope & Company Limited, Magna Partners
Limited and C&W Consulting LLP. The finders fee that is payable to them totals
$44,996. The common shares are subject to a four month hold period expiring on
November 30, 2008. The proceeds from the private placement will be used to
identify and evaluate assets or businesses for purposes of completing a
Qualifying Transaction.
    The Corporation is the second Capital Pool Company ("CPC") formed by
Phoenician Family of Funds ("Phoenician Family") in Canada. The Phoenician
Family of Funds is engaged in the creation of publicly listed special purpose
vehicles administered in Canada under the TSX Venture's Capital Pool Company
program. More information can be found on SEDAR by reviewing the preliminary
prospectus, on or by contacting Edwin Lee, President
and CEO of the Issuer.

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Certain information in this press release may
contain forward-looking statements. This information is based on current
expectations that are subject to significant risks and uncertainties that are
difficult to predict. Actual results might differ materially from results
suggested in any forward-looking statements. The Corporation assumes no
obligation to update the forward-looking statements, or to update the reasons
why actual results could differ from those reflected in the forward looking
statements unless and until required by securities laws applicable to the
Corporation. Additional information identifying risks and uncertainties is
contained in the Corporation's filings with the Canadian securities
regulators, which filings are available at

For further information:

For further information: Edwin S. Lee, President and Chief Executive
Officer, The Phoenician Fund Corporation I, T: (416) 358-8181,,

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