Multimedia announces a proposed shares for debt placement

TORONTO, Oct. 23 /CNW/ - Multimedia Nova Corporation (TSX-V: MNC.A) (the "Corporation") is pleased to announce a proposed non-brokered shares for debt private placement to issue up to 2,400,000 Class A subordinated voting shares at a price of $0.25 per share. The issuance of the shares is being completed pursuant to agreements made by the Corporation with certain employees and trade payable suppliers of the Corporation and is conditional on TSX Venture Exchange approval. No bonus, finder's fee or commission is being paid in connection with these transactions. All securities to be issued pursuant to these arrangements will be subject to a four (4) month hold period. The Corporation will use these arrangements to reduce accounts payable and improve its working capital position by up to $600,000.

Multimedia Nova Corporation is an integrated communications enterprise based in Toronto, Ontario. It currently has 6,264,052 Class A subordinated voting shares outstanding.

    
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    RESPONSIBILITY FOR THE ADEQUANCY OR ACCURACY OF THIS NEWS RELEASE.
    

SOURCE MULTIMEDIA NOVA CORPORATION

For further information: For further information: Ms. Lori Abittan, President and Chief Executive Officer or Mr. Joe Mastrogiacomo, Chief Financial Officer at (416) 785-4300, fax (416) 785-4303

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MULTIMEDIA NOVA CORPORATION

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