Business & Finance
Mon, October 24, 2011Sun, October 23, 2011Sat, October 22, 2011Fri, October 21, 2011Thu, October 20, 2011Wed, October 19, 2011Tue, October 18, 2011Mon, October 17, 2011Sun, October 16, 2011Sat, October 15, 2011Fri, October 14, 2011Capricorn Business Acquisitions Inc. Announces Termination of Qualifying Transaction
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Published in Business and Finance on Wednesday, October 19th 2011 at 13:45 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
October 19, 2011 16:33 ET
Capricorn Business Acquisitions Inc. Announces Termination of Qualifying Transaction
TORONTO, ONTARIO--(Marketwire - Oct. 19, 2011) - Capricorn Business Acquisitions Inc. (TSX VENTURE:CAK.P) ("Capricorn"), announces that by mutual agreement, it has formally terminated the letter agreement entered into between Capricorn and Caldera Geothermal Inc. ("Caldera") on March 30, 2010 and extended on November 18, 2010 to acquire, through a to-be-incorporated, wholly owned subsidiary of Capricorn, all of the issued and outstanding securities of Caldera.
On April 5, 2011, Capricorn provided to Caldera a loan in the sum of $225,000 that bears the simple interest at the rate of 8% per annum calculated monthly. Capricorn has agreed to extend the term of the promissory note securing the loan to March 30, 2012, accruing interest at the same rate of 8% per annum calculated annually. All other terms and conditions of the promissory note shall remain unchanged including security provisions.
Capricorn continues to aggressively pursue and review other businesses and assets with a view to completing a qualifying transaction, within the remaining prescribed period under the TSX Venture Exchange Capital Pool Company Policy.
The halt on Capricorn's common shares pending the qualifying transaction has been lifted, its shares will resume trading on October 21, 2011.
About Capricorn Business Acquisitions Inc.
Capricorn is a TSX Venture Exchange listed company and classified as a Capital Pool Company as defined in the TSX Venture Exchange Policy 2.4 by raising $574,440 in conjunction with its Initial Public Offering in March 2010. Capricorn's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.
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 or 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.
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.