Sagittarius Capital Announces Alpaca Resources Closes Second Tranche of Private Placement
25 September 2010 - 4:36AM
Marketwired
Sagittarius Capital Corporation (TSX VENTURE: SCX.H) ("Sagittarius"
or the "Company"), a capital pool company, is pleased to announce
that Alpaca Resources Inc. ("Alpaca"), which has entered into an
agreement to undertake a Qualifying Transaction with the Company,
has closed the second tranche of a private placement. In this
regard, Alpaca closed the second tranche of a non-brokered private
placement for gross proceeds of $909,500. Combined with the first
closing for $353,480, Alpaca has issued 12,629,810 Units for total
gross proceeds of $1,262,980 pursuant to the private placement.
Concurrently with the private placement, various debt holders
converted an aggregate of $209,000 of debt into the offering for an
additional 2,090,177 shares and 1,045,089 warrants.
Units were priced at $0.10 per Unit. Each Unit is made up of one
common share of Alpaca and one half of one share purchase warrant
of Alpaca. Each whole warrant is exercisable into one share of
Alpaca at an exercise price of $0.25 for a period of 24 months.
Details of the agreement between the Company and Alpaca in
relation to the proposed Qualifying Transaction are set out in the
press release dated September 7, 2010.
Foundation Markets Inc. ("Foundation") acted as the agent for a
portion of the offering, with the balance being non-brokered.
Commission of 8% cash and 8% broker warrants were paid to
Foundation and other registered agents.
Alpaca plans to use the proceeds of the offering for
exploration, evaluating further acquisition opportunities, and
general corporate purposes.
Completion of the Qualifying Transaction is subject to a number
of conditions including, but not limited to, Exchange acceptance
and if applicable pursuant to Exchange Requirements, majority of
the minority shareholder approval. Where applicable, the Qualifying
Transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the Qualifying Transaction
will be completed as proposed, or at all.
Investors are cautioned that, except as disclosed in the filing
statement to be prepared in connection with the transaction, any
information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be
considered highly speculative.
About Alpaca Resources Inc.
Alpaca Resources Inc. is a Canadian junior exploration company
with advanced and early stage copper and gold exploration
properties in the Western United States and Peru. Alpaca's copper
portfolio consists of two principal assets in Arizona, the Hill
Copper and Troy Ranch projects. Alpaca's gold portfolio consists of
the Iron Butte project in Nevada and the Pataz project in the
Peru.
About Foundation Markets Inc.
Foundation is a Toronto-based boutique investment bank and
corporate finance advisory firm licensed as an Exempt Market
Dealer. The firm is focused on working with small- and medium-sized
companies with rapid growth potential, specializing in assisting
pre-public clients in accelerating access to private capital and
executing going-public transactions. FMI also works with public
companies on financing, mergers and acquisitions, and providing
strategic advisory services.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: For Sagittarius Capital Corp.: Robin Sundstrom
President (647) 822-8111 robin@ironsideir.com For Alpaca Resources
Inc.: Yannis Banks (416) 777-6169 ybanks@foundationmarkets.com
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