Yonge Street Capital Corp. Corporate Update-Tamaka Holdings LOI Expiration
August 12 2008 - 10:01AM
Marketwired
Yonge Street Capital Corp. ("Yonge Street") (TSX VENTURE: YSC.P), a
capital pool company, announces a corporate update.
Yonge Street announces that the trading of its shares will
resume on August 14, 2008.
Trading in the shares of Yonge Street was halted at its request
on November 26, 2007 pending the announcement of the LOI with
Tamaka . The LOI was set to expire on February 19, 2008 and it was
announced by way of press release on May 16, 2008 that the parties
had agreed to an amicable termination.
Yonge Street must complete a Qualifying Transaction prior to
August 18, 2008, which is 24 months after the day of listing. In
the event such Qualifying Transaction is not completed before that
date, the TSX Venture Exchange may suspend from trading or delist
the listed shares of Yonge Street.
Yonge Street is requesting an extension of the 24 months period
in order to complete a Qualifying Transaction or, alternatively,
seek approval of the majority of its shareholders (exclusive of the
votes of arm's length parties) for the transfer of Yonge Street to
NEX.
Investors are cautioned that trading in the securities of a
capital pool company should be considered highly speculative.
Further information concerning Yonge Street can be found in the
prospectus of Yonge Street dated March 27, 2006 and at
www.sedar.com.
The TSX Venture Exchange has not approved or disapproved the
contents of this news release.
Contacts: Yonge Street Capital Corp. Gerald Ruth President, CEO
and Director (416) 899-3304