Vancouver,
B.C./ ACCESSWIRE / May 26, 2014 / 88 Capital
Corp. (TSX.V: EEC) (the
"Company") announces
that it has closed the private placement (the "Offering")
originally announced on March 17, 2014. Pursuant to the terms of
the Offering, the Company issued 10,000,000 common shares and
10,000,000 common share purchase warrants (the "Warrants"), for
gross proceeds of $600,000.
Each Warrant
entitles the holder to acquire one common share of the Company for
a period of five years, exercisable at a price of $0.08 per share.
The securities sold pursuant to the Offering are subject to a four
month statutory hold period expiring on September 27,
2014.
Pursuant to the
Offering, Kelly Burr, an individual of Vancouver, British Columbia,
has acquired 950,000 common shares of the Company and 950,000
Warrants. Mr. Burr now has ownership and control over 950,000
common shares and 950,000 common share purchase warrants of the
Company, representing 8.29% of the Company's issued and outstanding
shares (15.31% assuming exercise of all of the warrants held by Mr.
Burr).
Pursuant to the
Offering, Danica Alexandra Johnston, an individual of Vancouver,
British Columbia, has acquired 833,333 common shares of the Company
and 833,333 Warrants. Ms. Johnston now has ownership and control
over 833,333 common shares and 833,333 common share purchase
warrants of the Company, representing 7.27% of the Company's issued
and outstanding shares (13.56% assuming exercise of all of the
warrants held by Ms. Johnston).
Pursuant to the
Offering, Greg Amor, an individual of Vancouver, British Columbia,
has acquired 996,667 common shares of the Company and 996,667
Warrants. Mr. Amor now has ownership and control over 996,667
common shares and 996,667 common share purchase warrants of the
Company, representing 8.70% of the Company's issued and outstanding
shares (16.00% assuming exercise of all of the warrants held by Mr.
Amor).
Pursuant to the
Offering, Balbir Johal, an individual of Vancouver, British
Columbia, has acquired 1,000,000 common shares of the Company and
1,000,000 Warrants. Mr. Johal now has ownership and control over
1,050,000 common shares and 1,000,000 common share purchase
warrants of the Company, representing 9.16% of the Company's issued
and outstanding shares (16.45% assuming exercise of all of the
warrants held by Mr. Johal).
Pursuant to the
Offering, Tristan Johnston, an individual of Vancouver, British
Columbia, has acquired 833,333 common shares of the Company and
833,333 Warrants. Mr. Johnston now has ownership and control over
920,833 common shares and 833,333 common share purchase warrants of
the Company, representing 8.03% of the Company's issued and
outstanding shares (14.27% assuming exercise of all of the warrants
held by Mr. Johnston).
Pursuant to the
Offering, Eric Warren, an individual of Vancouver, British
Columbia, has acquired 1,000,000 common shares of the Company and
1,000,000 Warrants. Mr. Warren now has ownership and control over
1,000,000 common shares and 1,000,000 common share purchase
warrants of the Company, representing 8.72% of the Company's issued
and outstanding shares (16.05% assuming exercise of all of the
warrants held by Mr. Warren).
Pursuant to the
Offering, 423093 B.C. Ltd., a British Columbia corporation
controlled by Bruce Lemer, has acquired 1,666,667 common shares of
the Company and 1,666,667 Warrants. 423093 B.C. Ltd. now has
ownership and control over 1,729,167 common shares and 1,666,667
common share purchase warrants of the Company, representing 15.09%
of the Company's issued and outstanding shares (25.87% assuming
exercise of all of the warrants held by 423093 B.C.
Ltd.).
Messrs. Burr, Amor,
Johal, Johnston and Warren, Ms. Johnston, and 423093 B.C. Ltd.
advise that they have acquired securities of the Company for
investment purposes and that they may in the future acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions warrant.
ON BEHALF OF THE BOARD
88 Capital Corp.
Mr.
Greg Amor,
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This News Release may contain
forward-looking statements including, but not limited to, comments
regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those
currently
anticipated in such statement.
88 Capital Corp. (TSXV:EEC)
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88 Capital Corp. (TSXV:EEC)
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