MPX International Announces US$15 Million Private Placement of Units
TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) -- MPX International Corporation (“MPX International” or the “Company”) (CSE:MPXI) intends to raise up to C$20 million (approximately US$15 million) in a non-brokered private placement offering of up to 41,666,666 units (the “Units”) of the Company at a price of C$0.48 per Unit.
Each Unit will consist of one MPXI Share and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one MPXI Share at an exercise price of C$0.60 for a period of sixty (60) months from the closing of the Offering. If, at any time after 12 months following the Closing Date, the volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (“CSE”) over any fifteen (15) consecutive trading day period is at least C$2.00, the Company will have the right to accelerate the expiry date of the Warrants to a date that is thirty (30) calendar days after the date on which the Company issues a press release announcing the accelerated expiry date.
The proceeds of the Offering will be used to fund capital expenditures in Owen Sound, Ontario as well as potential future acquisitions and for working capital and general corporate purposes.
The closing of the Offering is subject to the receipt of any necessary regulatory approvals, including, to the extent necessary, the approval of the CSE. All securities issued in connection with the Offering will be subject to a statutory four-month hold period.
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.
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Released February 14, 2019