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FOR: SOLIUM CAPITAL INC. CDNX SYMBOL: SUM Solium Closes Private Placement and Appoints New Director to Board MAY 23, 2002 CALGARY, ALBERTA--Solium Capital Inc. ("Solium") announced today that it has closed a private placement of $870,000 in securities. The placement occurred concurrently with the closing of the acquisition of Stormworks Ltd. ("Stormworks") also announced on May 23, 2002. The private placement consists of the following: * 500,000 Common Shares at $0.20 per share for proceeds of $100,000; * 1,350,000 Common Shares at $0.20 per share and 1,350,000 Detachable Warrants for proceeds of $270,000. The Warrants are exercisable to Common Shares for 3 years at $0.25 per share. * $500,000 of Convertible Debentures. These Debentures are convertible to Common Shares at the discretion of the holder at a price of $0.20 per share in the first 2 years following the date of issuance, $0.25 per share in year 3, $0.30 per share in year 4 and $0.35 per share in year 5. The Debentures are also convertible to Preferred Shares at the discretion of Solium at a price of $0.20 per share. These Preferred Shares shall be convertible to Common Shares on the same terms as the Debentures. Among others, the investor group participating in this private placement included Brian Craig/Shelley Kuipers and Mike Broadfoot. On closing the private placement, Mr. Broadfoot joined Solium's Board of Directors and was appointed Chairman. Mr. Broadfoot is currently the CEO of Engage Energy Canada, a large energy trading and marketing company based in Calgary. Mr. Broadfoot also was a co-founder and is a director of Peyto Exploration & Development Corp., a public company trading on The Toronto Stock Exchange. Following the completion of the Stormworks acquisition and this private placement, Solium has 17,205,338 common shares issued and outstanding, and fully diluted common shares of 23,532,005. Mr. Craig/Ms. Kuipers hold 2,035,875 or 11.8% of the Company's outstanding shares, and Mr. Broadfoot holds 1,250,000 or 7.3% of the Company's outstanding shares. With the closing of both the Stormworks acquisition and the private placement financing, Solium is well positioned to capitalize on the sales momentum and product strength the Company has established over the last year. About Solium Capital Inc. (SUM - TSX Venture Exchange): Solium is an outsourced provider of solutions for employee share ownership entitlement programs. Solium's flagship application, e-SOAP, is a complete end-to-end solution for the administration, execution and reporting of employee stock options for Canadian public companies. /T/ The current directors and officers of Solium are as follows: Directors: Mike Broadfoot Brian Craig John Kenny Marcos Lopez Officers: Brian Craig, President and CEO Lynn Leong, CFO John Kenny, VP Sales June Davenport, VP Corporate Services Claudia Moore, VP Marketing/T/ -30 - FOR FURTHER INFORMATION PLEASE CONTACT:
Solium Capital Inc. The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
INDUSTRY: SCR -0 - |
