MPX International Acquires Remaining Interest in MPX Australia
TORONTO, ONTARIO / ACCESSWIRE / July 23, 2019 / MPX International Corporation (“MPX International”, “MPXI” or the “Company”) (CSE: MPXI; OTC PINK: MPXOF) is pleased to announce that it has acquired the remaining interest of MPX Australia Pty Ltd (“MPX Australia”) on July 22, 2019 for a total purchase price of up to $4,000,000 to be satisfied by the issuance of up to 7,145,559 common shares in the capital of MPXI (“MPXI Shares”) as follows:
- 2,689,189 MPXI Shares ($1,250,000) at a price of $0.46 per MPXI Share upon the granting of the Cannabis License (as defined below) (“Milestone #1”);
- 2,151,351 MPXI Shares ($1,250,000) at a price of $0.58 per MPXI Share upon the completion of the Launceston Facility (as defined below), being the issue of an occupancy certificate by a governmental entity (“Milestone #2”); and
- 2,305,019 MPXI Shares ($1,500,000) at a price of $0.65 per MPXI Share upon the earliest of: (i) the first successful harvest; (ii) the first material export; or (iii) immediately prior to the closing or occurrence of a change of control of the Company (“Milestone #3”).
In addition, the Company will issue 327,123 MPXI Shares at a price of $0.46 per MPXI Share to satisfy the principal as well as the accrued and unpaid interest on a loan incurred by MPX Australia from the lender in the aggregate amount of $152,054.88 (the “Loan Conversion Amount”).
MPX Australia has applied to the Australian Office of Drug Control for a medicinal cannabis license (cultivation and production) in Australia in accordance with the Narcotic Drugs Act 1967 (Cth) (the “Cannabis License”) and is in the process of designing a facility in Tasmania, Australia (the “Launceston Facility”).
“The acquisition of the remaining interests in MPX Australia is another milestone for our international expansion strategy that will provide MPX International with access to the growing Australian market and will also serve as our gateway into the Asian markets,” noted W. Scott Boyes, Chairman, President and CEO of MPX International. “With the continued execution of our international expansion plans in 7 international jurisdictions, we are positioning MPX International to lead the international market and drive diverse and sustainable revenue.”
About MPX International Corporation
MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International’s objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX International’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
MPX International Corporation
W. Scott Boyes, Chairman, President and CEO
SOURCE: MPX International Corporation
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Released July 23, 2019