|April 05, 2012|
Orient Venture Capital Inc. Announces Closing of Private Placement
|Vancouver, British Columbia, April 5, 2012 -- Orient Venture Capital Inc. (the "Company"), a Vancouver based capital pool company listed on the NEX Board of the TSX Venture Exchange Inc. (the "Exchange") (NEX: OVC.H) is pleased to announce that it has closed its non-brokered working capital private placement financing previously announced on February 7, 2012 (the "Private Placement"). The Company issued 5,300,000 common shares at a price of $0.05 per common share for gross proceeds of $265,000. There were no finder's fees paid in connection with the Private Placement. All of the securities issued pursuant to the Private Placement are subject to a four month hold period expiring on August 5, 2012.|
Eight of the subscribers were proposed Principals (as that term is defined in the policies of the xchange) of the Company upon completion of the Company's proposed Qualifying Transaction (as that term is defined in the policies of the Exchange). They subscribed for an aggregate of 1,710,000 common shares at a price of $0.05 per common share for gross proceeds of $85,500. In addition, Asia Select Asset Management Inc., a company wholly-owned by Min Kuang, Chief Executive Officer and a director of the Company, subscribed for 200,000 common shares at a price of $0.05 per common share for gross proceeds of $10,000. Pursuant to the policies of the Exchange, all of these subscribers are required to enter into an escrow agreement with respect to the common shares issued pursuant to the PrivatePlacement.
For further information concerning the Private Placement and this Press Release, please contact Ms. Min Kuang, Chief Executive Officer and Director of Orient Venture Capital Inc. as follows:
Telephone: (604) 689-0618
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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