Strategem Closes Private Placement

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Ken Morgan
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VANCOUVER, BRITISH COLUMBIA – January 15, 2003 – Strategem Capital Corporation (the “Company” or “Strategem”) (TSX-V: SGE) announced today that it has closed the private placement financing announced December 13, 2003. The Company has issued 400,000 Units for gross proceeds of $100,000. Each Unit consists of one post consolidation common share and one common share purchase warrant. Each warrant is exercisable into one post-consolidation common share for two years at $0.40 per share. The common shares will be subject to a four month hold period and the shares resulting from the exercise of the warrants (the “Warrant Shares”) will be subject to a eight month hold. The exercise price of the warrant and the hold period of the Warrant Shares have been modified from the $0.25 per share and four month hold announced previously.

About Strategem Capital

Strategem Capital Corporation is a publicly-traded merchant bank focused on the development of emerging companies with growth potential. The Company invests in
debt and/or equity positions in these companies.

This release and prior releases are available on the Company’s Internet web site located at