Zoolander plans C$25 million placement of subscription receipts

By Laura Lutz

Des Moines, Dec. 20 - Zoolander Corp. intends to raise up to C$25 million from a private placement of subscription receipts.

Each subscription receipt will be exchangeable for one common share upon completion of Zoolander's acquisition of 6785905, a hotel management company. That acquisition will be Zoolander's qualifying transaction.

If the acquisition is not closed by March 31, 2008, the receipts will be redeemed at their original purchase price.

Blackmont Capital Inc. will act as agent for up to C$15 million of the deal. Up to C$10 million of the receipts will be sold on a non-brokered basis.

The placement is expected to settle by Jan. 31. The acquisition depends on completion of the private placement.

Zoolander is a Toronto-based capital pool company.

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