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August 17, 2006 |
OCEANLAKE COMMERCE INC. COMPLETES PRIVATE PLACEMENT WITH KINGSDALE CAPITAL MARKETS INC. 16:01 EDT Thursday, August 17, 2006 FSC / Press Release OCEANLAKE COMMERCE INC. COMPLETES PRIVATE PLACEMENT WITH KINGSDALE CAPITAL MARKETS INC. Singapore and Toronto, Ontario CANADA, August 17, 2006 /FSC/ - Oceanlake Commerce Inc. (OLI - TSX Venture), (the "Company") is pleased to announce that it has completed, subject to regulatory acceptance of applicable filings, a brokered private placement (previously announced in the press release dated June 7, 2006) with Kingsdale Capital Markets Inc. (the "Agent") of a total of 7,333,341 units in the capital of the Company (each a "Unit") at a purchase price of $0.15 per Unit for gross proceeds of $1,100,000.00 (the "Offering"). Each Unit is comprised of one (1) common share (each a "Share") and one-half (1/2) purchase warrant (each a " Warrant"), where each whole Warrant is exercisable until August 17, 2008 to purchase one (1) additional common share of the Corporation at a purchase price of $0.22 per share. The securities underlying the Units, including the Shares and Warrants issued under the Offering and the common shares of the Company issuable upon due exercise, if any, of the Warrants, will all be subject to a 4 month statutory hold expiring on December 18, 2006. Subject to and pending all required regulatory approvals, a commission of 7% in cash and broker warrants to acquire units equal to up to 7.5% of the Units placed at a price of $0.15 per Unit for two years from closing were paid to the Agent in connection with the completion of the Offering. OceanLake Commerce Inc. plans to use the proceeds from the Offering as a partial payment to re-acquire the remaining 60% interest in OceanLake Asia, and to provide working capital for the Company. The Company, after paying US$403,814.27 from the Offering, must pay an additional amount of US$1,898,573.47 and issue 15,000,000 shares of the Company to complete the reacquisition, and hold 100% of OceanLake Asia. The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. OceanLake Commerce Inc, through its majority interest in OceanLake Asia Private Limited ("OceanLake Asia"), and its recent acquisition of Facilitasia Private Ltd. of Singapore, provides mobile Internet products and services to mobile operators throughout Asia and the rest of the world. Kingsdale Capital is a leading global financial services organization and more information about Kingsdale can be found at www.kingsdalecapital.com For more information about OceanLake, please go to www.oceanlake.com Contact: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Maximum News Dissemination by Filing Services Canada Inc. |
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