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MPX International Closes Oversubscribed Non-Brokered Private Placement Offering for Gross Proceeds of C$26.9 Million
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.
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