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Aquarius completes $200,000 private placement

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  Published in Business and Finance on Friday, October 29th 2010 at 14:15 GMT by Market Wire

(TSXV: AQU.P)

TORONTO, Oct. 29 /CNW/ - Aquarius Capital Corp. (the "Corporation" or "Aquarius") (TSXV: AQU.P) is pleased to announce that it has closed its previously announced non-brokered private placement of 2,000,000 common shares at a price of $0.10 per common share, for gross proceeds to Aquarius of $200,000. 

Foundation Markets Inc. ("Foundation") acted as finder in connection with the private placement and received a fee of $10,000 representing 10% of the gross proceeds raised from subscribers introduced to Aquarius by Foundation. In addition, Aquarius issued 100,000 non-transferable finder warrants to Foundation, each warrant entitling its holder to purchase one (1) common share of Aquarius at a price of $0.10 for a period of 24 months from the closing of the private placement.

The securities issued in connection with the private placement are subject to a four-month hold period, expiring on March 1, 2011, in compliance with the policies of the TSX Venture Exchange (the "Exchange") and applicable securities legislation. The private placement is not conditional on the completion of Aquarius' proposed Qualifying Transaction previously announced on August 12, 2010, and was completed independently of such proposed Qualifying Transaction. The private placement remains subject to regulatory approval, including approval of the Exchange. The shares of the Corporation will remain halted until the completion of the Qualifying Transaction or as otherwise authorized by the Exchange.

Aquarius has entered into a letter of intent (the "Letter of Intent") dated August 6, 2010, pursuant to which it proposes to acquire all of the issued and outstanding securities of Sino Elite Group Limited (the "Target"), which has the economic benefit in and control over Fujian Pucheng Star of Green Foodstuff Co., Ltd. ("Green Star"). 

ABOUT GREEN STAR

Green Star specializes in the advanced processing of agricultural products, including canned fruits and vegetables. The company has been operational for 16 years, and has focused on maintaining excellence through the application of science and technology in production, business operation and management. Key assets include a well established management team, production facilities, and a close partnership with rural households.

ABOUT FOUNDATION MARKETS

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. Foundation also works with public companies on financing, mergers and acquisitions transactions, and strategic advisory services.

NEITHER 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.

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