TORONTO, May 31, 2012 /CNW/ - Difference Capital Funding Inc. (formerly TriNorth Capital Inc.) ("Difference Capital") (TSXV: TRT) yesterday completed the initial tranche of a non-brokered private placement, marking another key milestone in Difference Capital's emergence as a technology-oriented merchant bank.
The funding, totalling $21.5 million, was concluded through the issuance of 71.8 million common shares (taking account of the one-for-10 consolidation described below). The statutory hold periods for the common shares issued under the financing will expire on September 30, 2012.
As approved by shareholders, Difference Capital expects to close a secondary financing at an issuance price of $0.30 per share on or about June 7, 2012.
Wes Hall, Difference Capital's chairman, said: "The funding is a crucial element in our progress towards establishing an innovative merchant bank specializing in investments in the technology sector. We look forward to closing on a second tranche of funding and making further announcements as we move forward in the coming weeks."Separately, Difference Capital has completed a number of initiatives approved by shareholders at its annual and special meeting on May 24, 2012:
- Difference Capital's existing common shares have been consolidated on the basis of one post-consolidation share for every ten existing shares. Prior to the financing described above, the number of post-consolidation common shares issued and outstanding was 15,096,353.
- The company has changed its name to Difference Capital Funding Inc. As a result, the ticker symbol will change to DCF, effective Friday, June 1, 2012.
- Difference Capital has transferred 14.9 million shares of Feronia Inc. (TSXV: FRN) to a trust created for the benefit of eligible shareholders. The company expects, by July 15, 2012, to distribute these shares to Difference Capital shareholders of record on May 11, 2012. For more details on the distribution please refer to Difference Capital's news release dated May 28, 2012 available on the company's profile at www.sedar.com.
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