Black Birch Capital Acquisition III Corp. Closes Non-Brokered Private Placement for Gross Proceeds of $240,237

TORONTO, ON / ACCESSWIRE / July 23, 2015 / Black Birch Capital Acquisition III Corp. (TSXV: BBC.P) (the “Company”) is pleased to announce, subject to the final approval of the TSX Venture Exchange, the closing of a non-brokered private placement offering of 2,402,370 common shares at a price of $0.10 per share for gross proceeds of $240,237 (the “Private Placement“). A portion of the Private Placement, representing 1,400,000 shares, has closed in escrow subject to the TSX Venture Exchange’s review of the subscriber’s personal information form.

In connection with the Private Placement, the Company paid $6,000 in finder’s fees. The net proceeds will be used by the Company for Capital Pool Company expenses, including to continue its pursuant of a Qualifying Transaction.

Anthony Pizarro, a director of the Company, purchased 52,370 shares, which constituted a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSX Venture Exchange Policy 5.9. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(b) of MI 61-101 in respect of such insider participation. The Company will also file a material change report on SEDAR (www.sedar.com) regarding the Private Placement. The material change report will be filed less than 21 days prior to the closing of the Private Placement due to the Company’s immediate need for financing.

The shares issued in connection with the closing of the Private Placement will be subject to a four month hold period expiring on November 24, 2015.

For further information regarding this press release please contact:

Black Birch Capital Acquisition III Corp.

Paul Haber, Chief Executive Officer, Chief Financial Officer and Corporate Secretary
Telephone: 416-318-6501
Facsimile: 416-915-4265
Email: phaber@blackbirchcap.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Black Birch Capital Acquisition III Corp.

ReleaseID: 430809