Ayubowan Capital Announces Closing of $1.5 Million Private Placement
AYUBOWAN CAPITAL LTD.
Suite 2200, 885 West Georgia Street Vancouver, British Columbia V6C 3E8
NEWS RELEASE
AYUBOWAN CAPITAL ANNOUNCES CLOSING OF $1.5 MILLION PRIVATE PLACEMENT
Vancouver, British Columbia – August 19, 2016 – Further to Ayubowan Capital Ltd.’s (the “Company”) news release dated August 2, 2016, the Company has closed its non-brokered private placement of 30 million common shares, at a price of five cents per common share, for gross proceeds of $1,500,000. The securities issued in connection with the private placement are subject to a hold period expiring on December 20, 2016. Proceeds will be used to settle certain indebtedness and for general working capital. As a condition of closing the Company also negotiated the forgiveness of an aggregate of $2,483,006 in principal indebtedness, plus all accrued interest.
Pursuant to the private placement, Emprise Special Opportunities Fund (2013) Limited Partnership (“Emprise LP”) acquired ownership of 13,250,000 common shares, representing approximately 40.6 percent of the issued and outstanding common shares of the Company. In addition, Big Fish Enterprises Ltd., a company controlled by Mark O’Dea, acquired ownership of 6 million common shares, representing approximately 18.4 percent of the issued and outstanding common shares of the Company. Cal Everett also acquired, directly and indirectly, or assumed control and direction over, 6 million common shares, also representing approximately 18.4 percent of the Company’s issued and outstanding common shares.
The Company has been advised that Emprise LP, Mr. O’Dea and Mr. Everett, and their associated parties, have acquired these securities for investment purposes and have no present intention to acquire further securities of the Company, although they may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances of market conditions warrant.
The Company also announces that Douglas Brazier and Gordon Herdman have resigned as directors of the Company and Scott Ackerman and Doug McFaul have joined the board. The Company wishes to thank Mr. Brazier and Mr. Herdman for their services.
For further information, contact Scott Ackerman at [email protected] or 778-331-8505.
On Behalf of the Board of Directors of:
AYUBOWAN CAPITAL LTD.
Scott Ackerman Director Ayubowan Capital Ltd.
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.