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Soltoro completes $2.5 million financing requirement for Blue Fyre transaction
Soltoro completes $2.5 million financing requirement for Blue Fyre transaction.
About this update from Sol Global Investments Corp.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, April 26 /CNW Telbec/ - Blue Fyre One Inc., (TSXV: BLU.P) (the\n\"Blue Fyre\"), an Ottawa-based Capital Pool Company, announced today that its\nproposed acquisition target, Soltoro Ltd., an Ontario corporation (\"Soltoro\"),\nhas advised that it has closed $2.5 million of financing brokered by Union\nSecurities Ltd, (\"Union\"). This financing was one of the required conditions\nSoltoro must complete prior to its acquisition. The acquisition, as announced\non April 20, 2005, if completed, will be the Blue Fyre's qualifying\ntransaction pursuant to the policies of the TSX Venture Exchange Inc. (the\n\"Exchange\"). As one of the conditions for completing the qualifying\ntransaction by Blue Fyre, Soltoro has secured a total of $ 2,500,000 in\nfunding through two separate private placements with approximately\n62 subscribers whereby Soltoro issued 2,000,000 common shares at $0.25 per\nshare and 4,000,000 shares at $0.50. The $0.50 shares are being held in escrow\nuntil closing of the acquisition of Soltoro by Blue Fyre. Union acted as the\nagent for both transactions. Union received a commission of 8% in cash of the\ntotal amount raised by both financings and an additional 480,000 broker\nwarrants equal to 8% of the total shares subscribed for under the financings.\nEach warrant entitles Union to purchase a Soltoro share at $0.50 for a period\nof 18 months from April 24, 2006.\nUnder the proposal to acquire Soltoro, the acquisition price for all of\nthe outstanding shares of Soltoro will be satisfied by the issuance of\n13,120,000 common shares in the capital of the Blue Fyre. Blue Fyre will also\nassume the obligations for the 480,000 broker's warrants issued to Union and\nall of the outstanding allocated and unallocated options of Soltoro,\npermitting upon exercise the issue of a maximum 1,310,000 common shares. The\ntotal number of outstanding shares at the closing of the proposed transaction\nwill be 16,620,000 provided none of the options or broker warrants in Soltoro\nor Blue Fyre have been exercised. On a fully diluted basis, there will be\n19 million shares outstanding at the close of the qualifying transaction.\nThe financial overview of Soltoro, prior to the financings and proposed\nacquisition is as follows. The unaudited financial statements for the three-\nmonth period ending March 31, 2006, Soltoro ha...