/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATATION IN THE UNITED
STATES/
KELOWNA, BC,
Sept. 24, 2013 /CNW/ - Trincan
Capital Corp. ("Trincan" or the "Corporation")
(TRN:TSX-V) announces a closing of its previously announced private
placement (the "Private Placement") of up to 7,500,000 units
of the Corporation ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up
to $375,000. Trincan closed today on
subscriptions for 7,440,000 Units for aggregate gross proceeds of
$370,000 (net proceeds of
$339,800 after payment of various
finder's fees of $ 32,200. One
insider participated in the purchase of 1,000,000 Units.
The Private Placement size has been increased to
a maximum aggregate of up to 8,500,000 Units. The final closing is
expected to be completed by September 30,
2013.
Each Unit consists of one common share of the
Corporation (a "Common Share") and one-half of one Common
Share purchase warrant (each whole such warrant, a
"Warrant"). The Warrant will not be listed. Each whole
Warrant shall be exercisable for one Common Share at a price of
$0.10 per Common Share for a period
to and including August 30, 2004. All
securities in the Private Placement will be subject to a four month
hold period from the closing of the Private Placement.
The proceeds of the Private Placement will be
used for general working capital purposes. The Units will be issued
to purchasers pursuant to exemptions from the prospectus
requirements of applicable securities legislation and will be
subject to resale restrictions, as required under the applicable
securities legislation. An additional 3,720,000 Common Shares are
reserved for issuance on exercise of the Warrants issued as part of
today's closing. After giving effect to the Private Placement,
Trincan has 16,409,000 Common Shares outstanding and if the Private
Placement is fully subscribed will have 17,469,000 Common Shares
outstanding.
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
No stock exchange, securities commission or
other regulatory authority has approved nor disapproved the
information contained herein.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements relating to the issuance of securities and the use of
proceeds from the Private Placement and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as "will", "should", "anticipate",
"expects" and similar expressions. All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding the issuance of
securities, the use of proceeds from the Private Placement, and
future plans and objectives of the Company, are forward looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors could cause
actual results to differ materially from the Company's expectations
and are detailed from time to time in the filings made by the
Company with securities regulations.
The reader is cautioned that assumptions used
in the preparation of any forward-looking information may prove to
be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Trincan. As a result, Trincan
cannot guarantee that any forward-looking statement will
materialize and the reader is cautioned not to place undue reliance
on any forward-looking information. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are
made as of the date of this news release, and Trincan does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by Canadian securities law.
SOURCE TrinCan Capital Corp.