TORONTO, Nov. 13, 2009 (GLOBE NEWSWIRE) -- In accordance with regulatory requirements, Margaret Raymond and David Raymond (collectively the "Raymond Group") hereby report that as a group they have collectively purchased, by way of private placement, 426,667 common shares in capital of Allied Northern Capital Corporation ("Allied"), for a purchase price of $0.375 per share, for gross proceeds of $160,000. Upon completion of the private placement, the acquired shares made up collectively, 5.78% of the total issued and outstanding common shares of Allied on a non-diluted basis. Individually the members of the Raymond Group acquired the following numbers of shares:
Name Number of Percentage of issued and
Common Shares outstanding
Margaret Raymond 266,667 3.61%
David W. Raymond 160,000 2.17%
------------------------------------------------
426,667 5.78%
Prior to this transaction, Margaret Raymond held 1,935,483 common shares of Allied and David Raymond held, directly and indirectly, 1,569,892 common shares of Allied. Upon completion of the private placement Margaret Raymond will hold 2,202,150 common shares of Allied (29.8%) and David Raymond will hold, directly and indirectly, 1,729,892 common shares (23.4%) and together with their other joint actors will hold collectively 74.1% of the common shares of Allied.
The securities acquired by the Raymond Group referred to above are held for investment purposes with a view to the possible reorganization of the business of Allied. The investment will be reviewed on a continuing basis and holdings may be increased or decreased in the future, depending on economic or market conditions or matters relating to the applicable issuer.
A copy of the related warning reports filed with applicable securities commissions may be obtained from the SEDAR website (www.sedar.com). For more information please contact David. W. Raymond at Tel: (416)232-6700, or Fax: (416) 352-1838.