NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES
TORONTO, Feb. 29, 2012 /CNW Telbec/ - C Level III Inc. ("CLV" or the "Company") (TSXV: CLV), a capital pool company, is pleased to announce that it has closed its
initial public offering of 1,583,925 common shares (the "Offering") at $0.20 per share for aggregate gross proceeds of $316,785.
Portfolio Strategies Securities Inc. ("Portfolio") acted as agent for the offering and received a cash commission of 10%
of the gross proceeds of the offering and a corporate finance fee of
$20,000. In addition, the Company has granted Portfolio an option to
acquire common shares of the Company of up to 10% of the Offering at a
per share price of $0.20 exercisable for a period of 24 months from the
date the Company's common shares are listed on the TSX Venture Exchange
(the "Exchange"). The Company anticipates a second closing to take place in the next
few days and will advise the market accordingly.
Upon closing of the Offering, CLV also granted 483,392 incentive stock
options to its directors which are exercisable within ten years from
the date of grant at an exercise price to be fixed. As a result of the
closing of its initial public offering, CLV now has 4,833,925 common
shares issued and outstanding (3,250,000 of which are subject to escrow
restrictions in accordance with the policies of the Exchange).
The Exchange has conditionally approved the listing of the common shares
of the Company. Subject to fulfilling final listing requirements, the
Company expects that its common shares will commence trading on the
Exchange shortly under the symbol "CLV".
The Company would like to thank Portfolio for the role that it played in
the distribution of the initial public offering of the Company.
About C Level III Inc.
The only business of CLV is the identification and evaluation of assets
or businesses with a view to completing a "Qualifying Transaction" in
accordance with Exchange Policy 2.4 - Capital Pool Companies. The funds raised under the offering will be used to pursue such
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED
STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
This press release contains statements about CLV's expectations
regarding the completion of the application for listing and the
commencement of trading on the Exchange that are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as final listing approval from the Exchange.
Although CLV believes that the expectations reflected in these
forward-looking statements are reasonable as CLV assumes it will be
able to fulfill the terms of the conditional listing approval granted
by the Exchange, undue reliance should not be placed on them as actual
results may differ materially from the forward-looking statements.
Factors that could cause the actual results to differ materially from
those in forward-looking statements include failure to fulfill
conditions of listing and inability to obtain required regulatory
approvals. The forward-looking statements contained in this press
release are made as of the date hereof, and CLV undertakes no
obligation to update publicly or revise any forward-looking statements
or information, except as required by law.
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.
For further information, please contact Jean-Francois Pelland, Secretary of the Company, at:
Telephone: (514) 987-5081