Trading Symbol: MCV
TORONTO, March 30 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased
to announce that it has closed a private placement of 2,500,000 units to raise
gross proceeds of $2,250,000 at a price of $0.90 per unit (the "Offering").
The proceeds from the Offering are used to pay the balance of the
acquisition of 51% equity interest in McVicar (Hongkong) Advanced Materials
Co. Ltd. ("MAM") that was announced on October 26, 2006. MAM owns a 100%
interest in Zhejiang Hongbo Chemical Co. Ltd., China ("Hongbo"). McVicar
agrees to pay a finder's fee of $112,500 or 5% of the gross proceeds to an
arm's length party of the Offering.
Hongbo develops, manufactures and supplies specialized fine chemical
products for the pharmaceutical and cosmetic industries. Hongbo's customers
include major international and Chinese chemical companies. The company is
expected to sustain rapid growth in the future.
McVicar is a TSX Venture Exchange listed company engaged in mineral
exploration and industrial chemical production and distribution. Most of
McVicar's business activities are focused in China.
For further information:
For further information: Dr. Gang Chai at: 55 University Avenue, Suite
605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421,