TORONTO, ONTARIO – GC-Global Capital Corp. (“Global Capital” or the “Company”) (TSX Venture Exchange “GDE.A”) is pleased to announce that it has closed a non-brokered private placement of 7,736,000 subscription receipts (“Subscription Receipts”) at a price of $0.28 per Subscription Receipt for aggregate gross proceeds of $2,166,080 (the “Offering”).
Each Subscription Receipt will be deemed to have been exchanged for one common share of the Company (a “Common Share”) for no additional consideration, at 5:00 p.m. (Toronto time) on the earlier of: (i) the first business day after the completion of a spinout transaction whereby all of the existing shareholders of the Company (which will not include holders of Subscription Receipts) shall receive common shares of the Company’s wholly-owned real estate investment company proportionate to their relative shareholdings in the Company; and (ii) May 27, 2014.
The net proceeds from the Offering will be used as working capital with respect to the Company’s merchant banking operations going forward. The Subscription Receipts are subject to a hold period of four months plus a day in accordance with applicable securities laws. The Company paid Canaccord Genuity Corp. (“Canaccord”) a finder’s fee of 6% in cash of the gross proceeds raised from subscriptions in the Offering from persons introduced to the Company by Canaccord.
About GC-Global Capital Corp.
Global Capital is a merchant bank, which provides bridge loan services, to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further information, please contact Jason G. Ewart at (416) 488-7760 or visit Global Capital’s website at www.gcglobalcapital.ca .
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.