Last Close: February 9, 2011 - $0.125
Shares Issued: 72,458,502
CALGARY, Feb. 9 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf" or
the "Corporation") is pleased to announce that subject to final
approval from the TSX Venture Exchange, the proposed private placement
of units that was previously announced on January 28, 2011 has now
closed. The Corporation received subscriptions for 7,645,588 Units at
a subscription price of $0.085 per Unit, for total gross proceeds of
$649,875. As previously announced, each Unit consists of one common
share and one common share purchase warrant exercisable for two years
from the date of closing at a price of $0.125.
In connection with the private placement Maple Leaf will pay finder's
fees in the amount of $54,179 and will issue 684,458 agent's options to
arm's length parties. The agent's options will be exercisable into
common shares of the Corporation for two years from the date of closing
at a price of $0.085.
The common shares and warrants & agent's options convertible into common
shares to be issued pursuant to the private placement are subject to a
four month hold period from the closing date.
Maple Leaf intends to use the proceeds from the private placement to
expand capacity at its Inner Mongolia Greenhouse operation, permitting
it to enter pending supply contracts with the Inner Mongolia
government, and for general working capital.
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company operating various projects in China.
Maple Leaf is a wholly-owned foreign enterprise which allows the
Company to control 100% of the direction and operations of the company
in China while permitting the cash generated from operations in China
to flow back to Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Certain statements in this news release including (i) statements that
may contain words such as "anticipate", "could", "expect", "seek",
"may" "intend", "will", "believe", "should", "project", "forecast",
"plan" and similar expressions, including the negatives thereof, (ii)
statements that are based on current expectations and estimates about
the markets in which Maple Leaf operates and (iii) statements of
belief, intentions and expectations about developments, results and
events that will or may occur in the future, constitute
"forward-looking statements" and are based on certain assumptions and
analysis made by Maple Leaf. Forward-looking statements in this news
release include, but are not limited to, statements with respect to
future capital expenditures, including the amount, nature and timing
thereof; other development trends within the China's seedling industry;
business strategy; expansion and growth of Maple Leaf's business and
operations and other such matters. Such forward-looking statements are
subject to important risks and uncertainties, which are difficult to
predict and that may affect Maple Leaf's operations, including, but are
not limited to: the impact of general economic conditions; industry
conditions; government and regulatory developments; seedling product
supply and demand; competition; and Maple Leaf's ability to attract and
retain qualified personnel. Maple Leaf's actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them
do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is
reviewed by management on a regular basis to ensure that no material
change has occurred with respect to such forecasts. The Company will
publicly disclose such material changes to its forward-looking
statements as soon as they are known to management.
SOURCE Maple Leaf Reforestation Inc.
For further information:
For further information regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact:
Maple Leaf Reforestation Inc.
Raymond Lai, Chairman, President & CEO
Tel: +1 (403) 668-7560
Fax: +1 (403) 250-2534