SURREY, BRITISH COLUMBIA--(Marketwire - Dec 20, 2012) - Mr. David Wood, President of Technical Ventures RX Corp. (TSX VENTURE:TIK.P) (the "Corporation" or "Technical") announces the Corporation, a Capital Pool Company, has raised $300,000 by an initial public offering of 3,000,000 common shares, at a price of $0.10 per common share, which closed on December 20, 2012. The Corporation''s common shares will be listed and posted for trading on the TSX Venture Exchange on or about December 20, 2012 under the symbol "TIK.P". The common shares will be immediately halted pending receipt by the TSX Venture Exchange of satisfactory documentation. The Corporation has granted an aggregate of 500,000 stock options to directors and officers of the Corporation and which are exercisable on or before December 20, 2017 at an exercise price of $0.10 per common share. As a result of the closing of the initial public offering, Technical now has 5,000,000 common shares issued and outstanding (2,030,000 of which are subject to escrow restrictions).
Wolverton Securities Ltd. (the "Agent") acted as agent for the Corporation''s offering. As compensation to the Agent for its services in connection with the initial public offering, the Corporation has paid a cash fee of $30,000 which represents the Agent''s commission. The Agent and its sub-agent also received 300,000 Agent''s options entitling the Agent to acquire an aggregate of 300,000 common shares at an exercise price of $0.10 per common share which expire 24 months from the closing date.
The Corporation is a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "Exchange"). Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative. Pursuant to Exchange policies, the Corporation has 24 months to identify and close a qualifying transaction.
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Technical. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues", or similar words and include but are not limited to, statements regarding the accretive effects of the acquisition and the anticipated results and expected benefits of the acquisition upon closing thereof. Technical believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Technical''s continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Technical''s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Technical. Any forward-looking statements are made as of the date hereof and Technical does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.