BLAINVILLE, QC, Sept. 14 /CNW/ - World Outfitters Corporation ("World
Outfitters" or "the Corporation") (TSX-V: SAF), a leading sports outfitter,
today announced the completion of its previously announced initial public
offering, consisting of the issuance of 2,000,000 units in total at a per-unit
price of $1.00, for gross proceeds of $2,000,000. As of today, World
Outfitters Corporation common shares will be listed on the TSX Venture
Exchange under the symbol "SAF". Each unit consists of one common share of
World Outfitters Corporation and one Common Share purchase warrant. Each
warrant entitles its holder to subscribe to an additional Common Share of the
Corporation at a price of $1.50 for a period of 18 months following the
closing date of this initial public offering.
"Northern Quebec is an increasingly sought-after destination for sports
hunting and fishing enthusiasts from the U.S. and elsewhere in the world. Our
thorough understanding and knowledge of this territory and our experience in
this industry have enabled us to develop a unique product offering for which
demand is constantly growing," said Nicolas Laurin, President and Chief
Executive Officer of World Outfitters Corporation. "Our decision to go public
on the TSX Venture Exchange will make it possible for us to accelerate the
implementation of our business plan, the short-term goal of which is to expand
our presence and continue to build our revenues."
Laurentian Bank Securities acted as agent for this offering. Upon
completion of the placement, the Corporation granted the agent warrants
enabling the subscription of up to 140,000 additional common shares at a price
of $1.00 for a period of up to two years.
"The net proceeds of the offering will be allocated to making future
acquisitions, in order to consolidate the supply in Quebec's fall caribou
hunting offering - a market representing over $20M in that province alone,"
noted Jacques Leclerc, Vice-President and Chief Financial Officer of World
Upon completion of the IPO, a total of 12,000,000 common shares in World
Outfitters Corporation were issued and outstanding.
About World Outfitters Corporation
As a leading sports outfitter, World Outfitters Corporation's mission is
to provide first-class hunting and fishing trips. In order to become a world
leader in its field, the Corporation is consolidating its position by
acquiring companies based in Northeastern Quebec operating in its line of
business. It intends to rely on recognition of its brand in order to develop
its activities worldwide.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; the existence of undetected errors or similar problems in our
products; our ability to manage our growth; our ability to compete
successfully; potential liabilities; maintaining our intellectual property
rights and litigation involving intellectual property rights; our dependence
on the expertise of our key personnel; and our access to sufficient capital to
fund our future requirements. This list is not exhaustive of the factors that
may affect any of our forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent written
and oral forward-looking statements attributable to World Outfitters
Corporation or persons acting on our behalf are expressly qualified in their
entirety by this notice. We disclaim any intent or obligation to update
publicly these forward-looking statements, whether as a result of new
information, future events or otherwise. Risks and uncertainties about our
business are more fully discussed in our Prospectus.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Nicolas Laurin, President and Chief Executive
Officer, World Outfitters Corporation, (450) 971-1800; Danielle Ste-Marie, The
Equicom Group Inc., (514) 844-6064, firstname.lastname@example.org