MPX International Closes Oversubscribed Non-Brokered Private Placement Offering for Gross Proceeds of C$26.9 Million
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TORONTO, ON / ACCESSWIRE / March 25, 2019 / MPX International Corporation (the ''Company'' or ''MPX'') (CSE: MPXI) is pleased to announce that it has successfully closed its previously announced non-brokered private placement offering (the ''Offering'') of units (the ''Units'') of the Company. Due to increased demand, the previously announced Offering was increased from C$20,000,000 (approximately US$15,000,000) to C$26,905,162 (approximately US$20,200,000). The Offering consists of the issuance of 56,052,421 Units issued at a price of C$0.48 per Unit.
Each Unit issued in the Offering consists of one common share (''Common Share'') in the capital of the Company and one Common Share purchase warrant (''Warrant''). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.60 for a period of 60 months from the date herof, subject to adjustment and acceleration in certain circumstances.
The Company intends to use the net proceeds from the Offering to fund capital expenditures in Owen Sound, Ontario as well as potential future acquisitions and for working capital and general corporate purposes. The securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable securities laws expiring on July 21, 2019.
The securities issued pursuant to the Offering and the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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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SOURCE: MPX International Corporation
Released March 25, 2019