Seymour Ventures Increases Financing
28 Febbraio 2011 - 5:43PM
Marketwired
Seymour Ventures Corp. ("Seymour" or the "Company") (TSX VENTURE:
SEY) is pleased to announce that, subject to regulatory approval,
it will increase the non-flow-through portion of the non-brokered
private placement initially announced on November 17, 2010. The
Company intends to raise additional gross proceeds of $423,919.60
through the issuance of an additional 652,184 subscription
receipts, at a price of $0.65 per subscription receipt. On closing,
the additional funds would increase the total amount raised into
escrow, to $5 million.
The proceeds of the financing continue to be held in escrow
pending completion of the acquisition (the "Acquisition") of Rare
Earth Industries Ltd. (formerly REE Mining Corp.) ("REI") by
Seymour as announced on September 29, 2010. The outstanding
subscription receipts currently provide that if the Acquisition is
not completed by February 28, 2011, each subscriber will receive a
refund of such subscriber's aggregate subscription funds. The
Company is seeking the consent of its current investors to extend
this deadline until March 31, 2011.
Upon completion of the Acquisition, each subscription receipt
will automatically convert into one unit of Seymour for no
additional consideration. Each Unit being offered will consist of
one common share and one-half of one share purchase warrant, with
each full share purchase warrant entitling the holder to acquire
one common share at a price of $0.85 per share for a period of one
year, and at a price of $1.25 in the next 6 months thereafter. The
warrants are callable by the Company on 30 days notice in the event
that the Company's shares trade at a 50% premium to the exercise
price for a period of 10 consecutive trading days. The Company may
pay finder's fees in accordance with Exchange policies.
Completion of the transaction with REI is subject to a number of
conditions, including TSX Venture Exchange acceptance and
disinterested shareholder approval. The transaction cannot close
until the required shareholder approval is obtained. There can be
no assurance that the transaction will be completed as proposed or
at all.
Investors are cautioned that, except as disclosed in the Filing
Statement to be prepared in connection with the transaction with
REI, any information released or received with respect to the
Change of Business may not be accurate or complete and should not
be relied upon. Trading in securities of Seymour Ventures Corp.
should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction with REI and has neither approved nor
disapproved the contents of this press release.
Trading in the common shares of Seymour will remain halted until
certain additional filings are made with the TSX Venture Exchange.
The Company will be making application for the waiver of
sponsorship requirements of the TSX Venture Exchange in the
circumstances of the transaction with REI.
ABOUT SEYMOUR VENTURES CORP.:
SEYMOUR VENTURES CORP. (TSX VENTURE: SEY) is a digital
communications and media company delivering high quality, low-cost,
talk and text around the world. Through its two wholly owned
subsidiaries, Eurotel and Tabrio, the Company provides voice over
IP connectivity to various telecommunication companies
worldwide.
ABOUT RARE EARTH INDUSTRIES LTD.:
Rare Earth Industries Ltd. (formerly REE Mining Corp.) is a
private British Columbia corporation engaged in the acquisition,
development and operation of projects in the emerging rare earth
elements industry. The objective of the Company is to establish an
integrated rare earth elements business outside of China that is
both profitable and sustainable. Rare Earth Industries has
assembled management and technical teams with significant
experience and expertise in the rare earth elements industry.
This news release includes forward-looking statements that are
subject to risks and uncertainties. All statements within, other
than statements of historical fact, are to be considered forward
looking. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements.
Neither 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.
Contacts: Seymour Ventures Corp. Mr. Craig Goldenberger CEO + 1
866.200.1075 craig.goldenberger@frontier.com
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