Trading Symbol: MCV
TORONTO, July 6 /CNW/ - McVicar Industries Inc. (the "Company", "McVicar") (TSXV: MCV) is pleased to announce that it has completed a non-brokered private placement of 3,000,000 common shares at a price of $0.45 per share to raise gross proceeds of $1,350,000 (the "Offering"). The Offering was purchased by offshore investors, all of whom are at arm's length from McVicar.
The common shares comprising the Offering are subject to a four-month hold period following closing of the private placement. Following this placement there will be 37,427,320 issued and outstanding common shares of McVicar.
Proceeds from the Offering will be used for the development and implementation of a new method for the production of 4'-Hydroxyacetophenone ("4HAP"), a key raw material for chemical products produced by the Company's wholly-owned subsidiary, Zhejiang Hongbo Chemical Co., Ltd., as described in McVicar's press release of June 23, 2010, and for general corporate purposes. The Offering is subject to approval by the TSX Venture Exchange.
McVicar is a TSX Venture Exchange listed company engaged in industrial chemical production and distribution. Most of McVicar's business activities are focused in China.
This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of McVicar, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
SOURCE McVicar Industries Inc.
For further information: For further information: Ms. Exavier Peterson or Dr. Gang Chai, CEO at: 55 University Avenue, Suite 605, Toronto, Ontario, M5J 2H7, Tel: (416)366-7420, Fax (416)366-7421, email: firstname.lastname@example.org