Vancouver, B.C./ ACCESSWIRE / May 26, 2014 / 88 Capital Corp. (TSX.V: EEC) (the "Company") announces that it has closed the private placement (the "Offering") originally announced on March 17, 2014. Pursuant to the terms of the Offering, the Company issued 10,000,000 common shares and 10,000,000 common share purchase warrants (the "Warrants"), for gross proceeds of $600,000.
Each Warrant entitles the holder to acquire one common share of the Company for a period of five years, exercisable at a price of $0.08 per share. The securities sold pursuant to the Offering are subject to a four month statutory hold period expiring on September 27, 2014.
Pursuant to the Offering, Kelly Burr, an individual of Vancouver, British Columbia, has acquired 950,000 common shares of the Company and 950,000 Warrants. Mr. Burr now has ownership and control over 950,000 common shares and 950,000 common share purchase warrants of the Company, representing 8.29% of the Company's issued and outstanding shares (15.31% assuming exercise of all of the warrants held by Mr. Burr).
Pursuant to the Offering, Danica Alexandra Johnston, an individual of Vancouver, British Columbia, has acquired 833,333 common shares of the Company and 833,333 Warrants. Ms. Johnston now has ownership and control over 833,333 common shares and 833,333 common share purchase warrants of the Company, representing 7.27% of the Company's issued and outstanding shares (13.56% assuming exercise of all of the warrants held by Ms. Johnston).
Pursuant to the Offering, Greg Amor, an individual of Vancouver, British Columbia, has acquired 996,667 common shares of the Company and 996,667 Warrants. Mr. Amor now has ownership and control over 996,667 common shares and 996,667 common share purchase warrants of the Company, representing 8.70% of the Company's issued and outstanding shares (16.00% assuming exercise of all of the warrants held by Mr. Amor).
Pursuant to the Offering, Balbir Johal, an individual of Vancouver, British Columbia, has acquired 1,000,000 common shares of the Company and 1,000,000 Warrants. Mr. Johal now has ownership and control over 1,050,000 common shares and 1,000,000 common share purchase warrants of the Company, representing 9.16% of the Company's issued and outstanding shares (16.45% assuming exercise of all of the warrants held by Mr. Johal).
Pursuant to the Offering, Tristan Johnston, an individual of Vancouver, British Columbia, has acquired 833,333 common shares of the Company and 833,333 Warrants. Mr. Johnston now has ownership and control over 920,833 common shares and 833,333 common share purchase warrants of the Company, representing 8.03% of the Company's issued and outstanding shares (14.27% assuming exercise of all of the warrants held by Mr. Johnston).
Pursuant to the Offering, Eric Warren, an individual of Vancouver, British Columbia, has acquired 1,000,000 common shares of the Company and 1,000,000 Warrants. Mr. Warren now has ownership and control over 1,000,000 common shares and 1,000,000 common share purchase warrants of the Company, representing 8.72% of the Company's issued and outstanding shares (16.05% assuming exercise of all of the warrants held by Mr. Warren).
Pursuant to the Offering, 423093 B.C. Ltd., a British Columbia corporation controlled by Bruce Lemer, has acquired 1,666,667 common shares of the Company and 1,666,667 Warrants. 423093 B.C. Ltd. now has ownership and control over 1,729,167 common shares and 1,666,667 common share purchase warrants of the Company, representing 15.09% of the Company's issued and outstanding shares (25.87% assuming exercise of all of the warrants held by 423093 B.C. Ltd.).
Messrs. Burr, Amor, Johal, Johnston and Warren, Ms. Johnston, and 423093 B.C. Ltd. advise that they have acquired securities of the Company for investment purposes and that they may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
ON BEHALF OF THE BOARD
88 Capital Corp.
Mr. Greg Amor,
Director
Neither the 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.
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.