Weifei Capital Inc. Completes Initial Public Offering as a Capital Pool Company
Suite 1610 – 400 Burrard Street Vancouver, BC V6C 3A6
FOR IMMEDIATE RELEASE
Weifei Capital Inc. Completes Initial Public Offering as a Capital Pool Company
November 2, 2010 – Vancouver, British Columbia
Weifei Capital Inc. (the “Company”) (TSX-V: WF.P), a capital pool company, is pleased to announce that on October 29, 2010, it successfully completed its initial public offering (the “IPO”) of 4,000,000 common shares in the capital of the Company at a price of $0.10 per common share for gross proceeds of $400,000 (the “Proceeds”).
Leede Financial Markets Inc. acted as lead agent (the “Agent”) for the IPO. The Company has paid the Agent a cash commission equal to 10% of the Proceeds and granted non-transferable agent’s options (the “Agent’s Options”) to purchase an aggregate of 400,000 common shares of the Company, which equals to 10% of the number of common shares sold through the IPO. The Agent’s Options are exercisable for a period of 24 months from the date of listing on the TSX Venture Exchange (the “Exchange”) at a price of $0.10 per common share. The Agent also received a corporate finance fee.
The Company also granted to its directors and officers options to acquire an aggregate of 850,000 common shares at a price of $0.10 per Share, for a period of five years from the date the Company’s common shares are listed on the Exchange.
The Company is a Capital Pool Company within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash.
The Company intends to use the net proceeds of the IPO to identify and evaluate potential Qualifying Transactions under the policies of the Exchange.
The Company expects its common shares will begin trading on the Exchange on November 5, 2010 under the trading symbol “WF.P”.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Mike Evans Telephone: (604) 408-2222
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the Exchange and its intentions thereafter. Forward- looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
CW3818530.1