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WINNIPEG, April 17 /CNW/ - MPVC Inc. (the "Corporation") (TSXV: OCI) announced today that it has retained Bieber Securities Inc. (the "Agent") as its agent, on a best efforts basis, in connection with a private placement (the "Offering") of up to 1,350,000 units ("Units") at a price of $0.30 per Unit for gross proceeds to the Corporation of $405,000. Each Unit is comprised of one common share (a "Share") and one-half of a Share purchase warrant (each whole Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Share at a price of $0.50 at any time for a period of 24 months from the date of the closing of the Offering. The Corporation has granted the Agent an option to sell an additional 202,500 units at a price of $0.30, which option is exercisable at any time prior to the closing of the Offering. The Corporation has also reserved the right to sell up to 400,000 Units at a price of $0.30 per Unit on a non-brokered basis.
The proceeds of the Offering will be used for working capital and other corporate purposes.
As consideration for the Agent's services, the Corporation has agreed to pay to the Agent the following compensation: (i) a commission in the amount of 8% of the gross proceeds of the Offering, which commission may, at the option of the Agent, be paid in Shares at a price of $0.30 per Share, subject to regulatory approval; (ii) broker warrants entitling the holder thereof to acquire Shares in an amount equal to 8% of the number of Shares sold by the Agent, which broker warrants shall have the same terms as the Warrants; and (iii) a corporate finance fee of $5,000.
The private placement is subject to the approval of the TSX Venture Exchange (the "TSXV"). The Shares and Warrants comprising the Units will be subject to a hold period of four months and one day from the date of the issue of the Units in accordance with applicable securities laws and the policies of the TSXV.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.