MPX Bioceutical Corporation Provides Update on Private Placement
TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) — MPX Bioceutical Corp. (the “Company” or “MPX”) (CSE:MPX) (OTC:MPXEF) is pleased to provide this corporate update concerning its previously announced brokered private placement (the “Placement”) of units (the “Units”), each Unit consisting of one common share and one-half of one common share purchase warrant, for up to $25 million. The Company has now received subscription agreements for over $25 million in orders and is on track to close the Placement in due course.
We are pleased to have had such a strong response from the investor community which only confirms the confidence that investors have in our team and our growth strategy, and we look forward to closing the financing on schedule. Proceeds from the financing will be primarily used towards the continuing diversification of our footprint across the North American cannabis landscape.
Scott Boyes, MPX CEO
About MPX Bioceutical Corporation
MPX, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area.
The recently acquired GreenMart of Nevada NLV, LLC (“GreenMart”) is an award winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market. GreenMart has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
The Company owns assets in Massachusetts supporting cultivation, production and up to three dispensaries there, and with the closing of this most recent transaction, MPX has added the management of a full service dispensary in Maryland.
MPX continues to expand its U.S. footprint, and is in the process of acquiring management companies that provide operational and other services to two further dispensaries and one production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.
