CT Developers Ltd. Announces Completion of Initial Public Offering
November 17 2011 - 6:38PM
Marketwired
CT Developers Ltd. (TSX VENTURE:DEV.P)("CT" or the "Corporation"),
a capital pool corporation, is pleased to announce it has completed
its initial public offering of 3,000,000 common shares (the "Common
Shares") at the price of $0.20 per Common Share for aggregate gross
proceeds of $600,000 pursuant to its prospectus dated September 6,
2011 and has filed all final listing documents with the TSX Venture
Exchange Inc. (the "TSX-V"). CT anticipates that its Common Shares
will commence trading on the TSX-V in the next few days. Following
this issuance, the Corporation has 4,500,000 Common Shares issued
and outstanding, of which 1,500,000 Common Shares are escrowed
pursuant to an escrow agreement with Computershare Investor
Services Inc. Macquarie Private Wealth Inc. acted as agent in
connection with this initial public offering and received a
commission of $60,000, in addition to being reimbursed for its
expenses and legal fees. CT also granted Macquarie Private Wealth
Inc. an agent's option to acquire 250,000 Common Shares at an
exercise price of $0.20 per share for 24 months from the date of
listing of the Common Shares.
Options to purchase a total of 255,000 Common Shares have been
granted to the Directors of the corporation. The exercise price of
the Directors' options is $0.20 per Common Share and the term of
the option is five years.
The Common Shares of CT are expected to commence trading on the
TSX-V under the symbol "DEV.P" after the final exchange bulletin
has been issued by the TSX-V.
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.
Contacts: CT Developers Ltd. Norman Eyolfson CEO and Director
(416) 604 7620
(TSXV:DEV.P)
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