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.
