To: Glenn Petersen who wrote (554 ) 6/9/2007 8:25:12 AM From: Glenn Petersen Read Replies (1) | Respond to Churchill Ventures, Ltd. completed its IPO on March 6, 2007, selling 13,472,400 units, including 972,400 units sold through a partial exercise of the over-allotment option, at $8.00 per unit. The gross proceeds totaled $107,779,200 million. Exclusive of the proceeds from the over-allotment option, the gross proceeds of $100 million were down slightly from the $104 million that the company was looking to raise when it filed its initial S-1 on July 13, 2006. A total of $107,306,928, equal to $7.95 per common share, has been placed into an escrow account. This balance includes $3,800,000 deferred by the underwriters, which will be paid when the company completes an acquisition, and $5,000,000 from the sale of warrants to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders will receive any of the funds placed into the escrow account. sec.gov
