BTU Capital Corp. Announces Proposed Qualifying Transaction Not Proceeding
Suite 125A - 1030 Denman Street Vancouver, British Columbia V6G 2M6 Tel: 604-818-2617 Fax: 604 648-9013
BTU CAPITAL CORP. ANNOUNCES PROPOSED QUALIFYING TRANSACTION NOT PROCEEDING
Vancouver, British Columbia - (April 7, 2011): BTU Capital Corp. (the "Company") (TSX Venture: BTU.P) announces that it has determined to not proceed with the proposed qualifying transaction with Irtysh Petroleum Ltd. and concurrent financing announced on March 7, 2011. After a several weeks of due diligence BTU CEO Walter Brenner stated “While some of the underlying assets are extremely interesting and attracted us to this transaction in the first place, the costs and time involved to bring the transaction up to regulatory required filing standards are not something the Company, ultimately, was able to undertake.”
On March 8, 2011, the Company announced it had arranged a non-brokered private placement of up to 25 million shares at $0.06 for aggregate proceeds of up to $1,500,000. The Company does intend to proceed instead with a smaller financing of up to 4,1666,666 shares at a price of $0.06 for aggregate proceeds of up to $250,000. The Company will use such proceeds for working capital and to actively pursue another qualifying transaction. The private placement is subject to acceptance for filing by the TSX Venture Exchange.
Management intends to immediately make the necessary application to the TSX Venture Exchange to reinstate trading of its shares as a "capital pool company".
Further information concerning the Company can be found in its prospectus dated September 24, 2009, available at SEDAR online at www.sedar.com.
For further information, please contact:
BTU Capital Corp.
Suite 125A - 1030 Denman Street Vancouver, BC V6G 2M6 Telephone: 604 818-2617 Fax: 604 648-9013
Attn: Walter Brenner, President and Chief Executive Officer
Neither 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.
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