I have some questions with respect to that press release Canada Stockwatch just sent out??? It is different than the one I received from the CDNX. The Stockwatch version is confusing.
Here is the version from the CDNX - which actually makes sense . . .
CDNX Symbol: CPT
52 weeks hi $4.40
52 weeks lo $0.55
Last traded: Mar 31/00 $4.20
SE Global Equities Company Limited PRE-IPO UPDATE
Further to Capital Alliance Group's (the "Company") news release dated February 14th, 2000, the Company is very pleased to provide the following progress report on the recent developments on its subsidiary SE Global Equities Company Limited ("SEG"). The Company has previously announced its intention to sell 22% of its equity interest in SEG through a Pre-IPO subscription for US$10M. As of today's date, the Company has received an overwhelming response from the global investment communities to their Pre-IPO subscription offering. Based both on subscription commitments already received and firm expressions of interest from major financial institutions, the Company fully expects that this offering will be over subscribed. Of the initial US$10M offered, the Company has received commitments of US$8.68M. In addition, to this US$8.68M commitment, the Company has also reserved up to US$2 million for two International institutional investors who have requested this action. All necessary documentation and formal share subscription agreements are now in circulation to all parties. The allocation of the Pre-IPO funding is as follows:
1. A total of US$3.68 million has been fully subscribed by friends, family, and associates of the Company and current shareholders of the Company.
2. A total of US$5 million has been committed from institutional investors including the following:
* SEG's Hong Kong listing Sponsor & Underwriter, ICEA Capital Limited, a subsidiary of Industrial Commercial Bank of China, which ranked as the third largest bank in the world in 1998.
* Three technology and equity fund companies with headquarters in Malaysia, Europe and United States.
* Two private investment banks from Switzerland.
3. A total of US$2 million has been reserved for two other international institutional investors. These investors are two of the largest investment conglomerates in Asia, one being the largest Chinese investment conglomerate in Hong Kong with headquarters in Beijing China, and another from Hong Kong. The investments are pending approval by the respective parties' legal counsel and their internal review process.
4. To accommodate the requests by these institutions, and to facilitate the work in progress which includes the approval process by regulatory bodies and legal counsels from various international jurisdictions, the Company's
previously reported date of the Pre-IPO closing for March 24, 2000 has been postponed until second week of April, 2000.
As stated, the overwhelming response from the global investment communities will most likely cause SEG's Pre-IPO subscription to be over subscribed. However, the Company confirms that despite the expressed interest in this offering, it has no intention to accept funds which will result in over subscription, nor will it allow any dilution of SEG's holding interest by more than 22% as previously reported. In anticipation of the over subscription, the Company will take any steps necessary to proportionately scale back and refund portion of the monies received. Further detailed reports will be provided in due course. This subscription is subject to Canadian Venture Exchange approval.
The Company's consolidated cash balance including the aforementioned Pre-IPO placement by April 30th, 2000 is projected to be Canadian $18.75 million dollars.
On Behalf of the Board of Directors of CAPITAL ALLIANCE GROUP INC.
"Toby Chu"
_______________
Toby Chu
President & Chief Executive Officer
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUANCY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR DISSEMINATION IN THE U.S. AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY SECURITIES IN ANY JURISDICTION. |
