Chrysalis Capital VII Corporation Completes $200,000 Initial Public Offering
Toronto, Ontario CANADA, August 19, 2008 /FSC/ - Chrysalis Capital VII Corporation (SEV.P - TSX Venture), is pleased to announce the completion of the initial public offering ("IPO") of its seventh capital pool company ("CPC"), Chrysalis Capital VII Corporation (the "Corporation"). The Corporation issued 1,000,000 common shares at a price of $0.20 per share for gross proceeds to the Corporation of $200,000. As a result of this issuance, the Corporation has 6,000,000 common shares issued and outstanding.
The common shares of the Corporation are scheduled to commence trading on the TSX Venture Exchange (the "TSXV") on August 21, 2008 under the trading symbol of "SEV.P".
Canaccord Capital Corporation acted as agent in respect of the IPO and received an option to acquire an aggregate of 100,000 common shares for a period of two years from the date of listing of the common shares on the TSXV at an exercise price of $0.20 per share. A corporate finance fee and a cash commission of 10% of the gross proceeds of the IPO were also paid to Canaccord Capital Corporation.
In addition the Corporation granted an aggregate of 600,000 stock options to its directors and officers at an exercise price of $0.20 per share for a period of five years from the date of grant and 60,000 charitable options at an exercise price of $0.20 per share for a period of five years from the date of grant to the Aqueduct Foundation, continuing Chrysalis' long-standing commitment to corporate giving.
The net proceeds of the IPO will be used by the Corporation to identify and evaluate assets of businesses for acquisition with a view to completing a "Qualifying Transaction" under the CPC program of the TSXV as disclosed in the Corporation's prospectus dated July 10, 2008.
Chrysalis Capital VII Corporation is The Chrysalis Capital Group Inc.'s seventh CPC. Chrysalis is entirely focused on generating superior shareholder returns through the creation of a series of unique CPCs. To date, Chrysalis has created seven Chrysalis branded CPCs and has assisted in the creation of five additional CPCs under Chrysalis' Partners Program. Chrysalis completed its most recent Qualifying Transaction (via Chrysalis Capital IV Corporation) with Homeland Energy Group Ltd. (TSX:HEG) on February 29, 2008. For more information about Chrysalis, please visit www.tccg.ca.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
For more information, please contact:
Marc Lavine, Chairman
Robert Munro, Chief Executive Officer and Chief Financial Officer
Chrysalis Capital VII Corporation
t: (877) 272-4073
e: contact@tccg.ca
w: www.tccg.ca
Source: Chrysalis Capital VII Corporation (SEV.P - TSX-V) http://www.tccg.ca
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