Business
SCOSS Capital Corp. announces resumption of trading and pricing of private placement
SCOSS Capital Corp. announces resumption of trading and pricing of private placement.
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 20 /CNW/ - (TSXV: SCP.P) SCOSS Capital Corp, a capital\npool company listed on the TSX Venture Exchange, announced today that it has\nsatisfied the conditions to resume trading of its shares on the TSX Venture\nExchange following the announcement of its proposed qualifying transaction.\nShares of SCOSS will resume trading at market opening on Friday, April 21,\n2006.\nAs previously announced, SCOSS has agreed to acquire two self-storage\nproperties located at 375 Middlefield Road and 345 Danforth Road, Toronto for\nan aggregate purchase price of $8.05 million (subject to customary\nadjustments). The acquisition is intended to serve as the Corporation's\nQualifying Transaction pursuant to the policies of the TSX Venture Exchange.\nThe TSX Venture Exchange is continuing to review the proposed acquisition,\nwhich remains subject to its approval.\nIn order to finance a portion of the purchase price, SCOSS intends to\nconduct a private placement of up to 9 million common shares at a price of\n$0.50 per common share for gross proceeds of up to $4.5 million. Canaccord\nCapital Corporation has agreed to act as agent under the Offering, on a best\nefforts basis, and will be paid a commission in an amount equal to 6% of the\ngross proceeds of the private placement. Certain insiders of the Corporation\nare expected to purchase, in the aggregate, less than 25% of the common shares\nsold under the private placement. It is intended that the balance of the\npurchase price will be funded out of a secured bank financing.\n\nSCOSS Capital Corp.\n\nSCOSS is a capital pool company listed on the TSX Venture Exchange. The\nprincipal business of the Corporation is the identification and evaluation of\nassets or businesses with a view to completing a Qualifying Transaction. The\nCorporation has not commenced commercial operations and has no assets other\nthan cash.\n\nThis press release is not an offer of securities for sale in the United\nStates. The securities have not been and will not be registered under the\nUnited States Securities Act of 1933, as amended. Securities may not be\noffered or sold in the United States absent registration or an exemption from\nregistration.\n\nThis press release contains forward-looking statements. Often, but not\nalways, forward-looking statements can be identified by the use of words such\n...