Market responsive to company's growth strategy and achievements
TORONTO, Oct. 14 /CNW/ - SilverBirch Inc. (TSX-V:SVB) (the "Corporation") announced today that the Private Placement financing for which it has engaged Aberdeen Gould Capital Markets Ltd. ("AGM") will exceed the originally proposed $500,000, and is now expected to close gross proceeds of $530,600 in units, on the same terms as previously announced on October 6, 2008.
In connection with the finder's fee of 7% cash, plus 8% Compensation Option to Aberdeen Gould Capital Markets Ltd. ("AGM") as finder, each Compensation Option will now entitle the holder to purchase one common share of the Corporation at a price of $0.10 for two years from closing.
The transaction set out herein is subject to approval from the TSX Venture Exchange. There are no assurances that the private placement will close.
About SilverBirch Inc.
Toronto-based SilverBirch Inc. is a leading digital media company operating in the fastest growing sectors of the video game and mobile markets. The company's video game operations include SilverBirch Studios, a mobile and handheld video game developer, Lighthouse Interactive, a publisher of interactive entertainment based in the Netherlands, and a co-venture with G4Box Inc. to operate licensed English language online multiplayer games. In its mobile division it provides mobile marketing services through Jambo Mobile Solutions and mobile content by way of an investment in CrossRoad Mobile. For more information see www.silverbirchinc.com.
As noted above, completion of the transaction is subject to a number of conditions, including but not limited to, acceptance by the TSX Venture Exchange. The transaction cannot close until the required approvals have been obtained. There can be no assurance that the transaction will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this news release.
Forward-Looking Statements - Certain information set forth in this news release, including the amount and actual completion of the private placement contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are based upon management's expectations, assumptions and beliefs, which may prove to be incorrect. These forward-looking statements are subject to numerous risks and uncertainties, which may cause actual results to differ materially from results expressed or implied by such forward-looking statements. These risks and uncertainties, certain of which are beyond management's control, include completion of the proposed transaction, the impact of general economic conditions, industry conditions, and currency fluctuations. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. SilverBirch does not undertake to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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