Sojourn Ventures Inc. Closes Initial Public Offering
2680 – 1066 West Hastings Street Vancouver, British Columbia V6E 3X2
SOJOURN VENTURES INC. CLOSES INITIAL PUBLIC OFFERING
May 18, 2012 TSX Venture Exchange Trading Symbol: SOJ.P
Sojourn Ventures Inc. (the "Corporation"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX.V"), is pleased to announce that it has completed its initial public offering (the "Offering") of 3,500,000 common shares (the "Offered Shares") issued at a price of $0.10 per Offered Share resulting in gross proceeds to the Corporation of $350,000.
The Corporation's directors and officers are: Joel Dumaresq, President, Chief Executive Officer and Director; John Meekison, Treasurer, Chief Financial Officer, Corporate Secretary and Director; Don Lay, Director; and Brien Lundin, Director.
A commission of 10% of the gross proceeds of the Offering was paid to the Corporation’s agent, Canaccord Genuity Corp. ("Canaccord"). In addition, Canaccord received 350,000 nonCtransferable options to acquire up to 350,000 common shares at a price of $0.10 per share for a period of 24 months, in consideration for its services as the Corporation’s agent.
The Corporation previously received gross proceeds of $603,601 from the sale of 6,036,001 common shares (the "Seed Shares") to its directors and officers and in connection with two private placements. A total of 1,536,001 Seed Shares were placed in escrow in accordance with the policies of the TSXCV.
The Corporation has also granted incentive stock options to its directors and officers to acquire up to an aggregate of 600,000 Shares at a price of $0.10 per Share.
The net proceeds received by the Corporation from the sale of the Offered Shares and the Seed Shares will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSXCV.
Upon completion of the Offering, the Corporation had 9,536,001 common shares issued and outstanding, which common shares are expected to commence trading on the TSXCV shortly under the symbol "SOJ.P".
Additional information relating to the Corporation and the Offering can be located in the final prospectus of the Corporation dated March 14, 2012 available online at www.sedar.com.
On behalf of the Board of Directors
"Joel Dumaresq"
Joel Dumaresq President, Chief Executive Officer and Director
For further information please contact:
Joel Dumaresq Telephone: (604) 648C5306 Fax: (604) 602C9699 Email: [email protected]
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.