CapGain Properties Inc. Closes Additional Private Placement and Updates Executives and Directors
Calgary, Alberta--(Newsfile Corp. - July 8, 2019) - CapGain Properties Inc. (OTC: CPGYF) (TSXV: CPP) ("CapGain" or the "Company") is pleased to provide the following updates.
On February 19, 2019 and February 20, 2019, the Company received variations on cease trade orders from the Alberta Securities Commission ("ASC") and the British Columbia Securities Commission ("BCSC"), respectively, to allow for a private placement of up to $220,000 for up to 80,000,000 common shares of the Company.
On July 5, 2019, CapGain completed a second close of $116,720 in a private placement and issued 42,443,636 common shares. Insiders of the Company participated in this private placement.
CapGain would also like to correct a typographical error in its March 29, 2019 press release about the initial close of the private placement. On March 27, 2019, an initial close of $53,280 in a private placement of 19,374,546 common shares was competed. Originally, it was reported that $56,780 was raised through the issuance of 20,974,546 common shares. The difference was due to a typographical error.
Changes to executives and directors
Effective July 5, 2019, Arthur Kwan has resigned as Chief Executive Officer of the Company. Mr. Kwan remains a director of the Company. Mr. Kwan has significant other professional responsibilities and is not able to devote the required attention as Chief Executive Officer.
Effective July 5, 2019, Peter Cheung has been appointed Chief Executive Officer of the Company. He also remains the Chief Financial Officer.
Annie Ta has joined the Company's Board of Directors on July 5, 2019. Ms. Ta is a partner at DD West LLP. Ms. Ta practices primarily in the areas of securities, corporate and commercial law and tax and estate planning. She has acted for clients in connection with public and private equity offerings, franchises, financing's and purchase and sale of businesses. Also a CPA, CA , Ms. Ta provides tax advice with respect to tax planning for private businesses and individuals, corporate reorganizations, asset purchases and sales of businesses, will planning and family trust structuring and settlement.
Cease trade order update
CapGain has submitted applications with the ASC, as primary authority, and the BCSC for a full revocation of the cease trade orders issued in 2015. The Company continues to have discussions with the ASC to meet all requirements to have its cease trade order revoked, however, there is no guarantee that the ASC and the BCSC will provide a full revocation or that the Company will be able to meet all the requirements established by the ASC and the BCSC, if any, for a full revocation.
About CapGain Properties Inc.
CapGain is an investment company with a focus on the acquisition of income producing businesses.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Peter Cheung, Chief Executive Officer and Chief Financial Officer
CapGain Properties Inc.
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