Synergy Closes $100,000 Non-Brokered Private Placement
SYNERGY ACQUISITION CORP.
Press Release For Immediate Release NEX Symbol “SAQ.H”
SYNERGY CLOSES $100,000 NON-BROKERED PRIVATE PLACEMENT
Edmonton, Alberta, Canada, March 5, 2012 – Synergy Acquisition Corp. (the “Company”) (NEX: SAQ.H) is pleased to announce that it has closed its non-brokered private placement of 666,667 common shares of the Company at the price of $0.15 per common share to Don Caron, the Chairman and a director of the Company, David Tam, a director of the Company and Eric Sauze, CFO of the Company. The shares are subject to an Exchange hold period expiring on July 6, 2012.
The Company intends to use the proceeds from the sale of the common shares for general working capital.
The participation in the private placement by Mr. Caron, Mr. Tam and Mr. Sauze is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company has relied on the financial hardship exemption from the formal valuation and minority approval requirements of such instrument.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement were not settled until shortly before the announcement of the private placement and the Company wished to close the private placement on an expedited basis for sound business reasons.
About Synergy
The Company's primary focus for the foreseeable future will be to identify, evaluate and complete an operating business acquisition. Management will consider growth opportunities in a number of industries and geographic locations.
For additional information, please contact:
Eric Sauze CA Chief Financial Officer
Synergy Acquisition Corp.
T: 780 231-6417 E: [email protected]
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.
.