Trading Symbol: MCV
TORONTO, April 10 /CNW/ - McVicar Resources Inc. ("McVicar") (TSX-V
"MCV") announces the closing of its private placement announced on March 9th,
2007. A total of 2,500,000 common shares were placed to 3 placees resident in
The Peoples Republic of China, yielding gross proceeds of $2,250,000 or $0.90
per share. These shares will be subject to a hold period of 4 months and one
day from the date of closing expiring August 11, 2007. A cash finders' fee of
$112,500 or 5% was paid to an unrelated, arm's length party in connection with
The proceeds from the offering are used to pay the balance of the
acquisition of a 51-per-cent equity interest in McVicar (Hongkong) Advanced
Materials Co. Ltd. that was reported and filed via SEDAR on October 27, 2006.
MAM owns a 100-per-cent interest in Zhejiang Hongbo Chemical Co. Ltd., China.
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.
This press release contains forward-looking statements which reflect the
Corporation's current expectations regarding future events. The forward-
looking statements involve risks and uncertainties. Actual results could
differ materially from those projected herein
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
For further information:
For further information: Dr. Gang Chai at: 55 University Avenue, Suite
605, Toronto, ON, Tel: (416) 366-7420, Fax: (416) 366-7421, www.mcvicar.ca