WINNIPEG, April 27 /CNW/ - MPVC Inc. (the "Corporation") (TSXV: OCI) announced today that it has closed its previously announced private placement of units (the "Offering") through Bieber Securities Inc. (the "Agent") as its agent. The Corporation sold 1,552,000 units ("Units") at a price of $0.30 per Unit for gross proceeds to the Corporation of $465,600. 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 also sold an additional 392,843 Units at a price of $0.30 per Unit on a non-brokered basis for additional proceeds of $117,852.
The net proceeds of the sale of Units will be used for working capital and other corporate purposes.
As consideration for the Agent's services, the Agent received the following compensation: (i) a commission of $37,260, being 8% of the gross proceeds of the Offering; (ii) broker warrants entitling the holder thereof to acquire 124,200 Shares, which broker warrants shall have the same terms as the Warrants; and (iii) a corporate finance fee of $5,000.
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.