Multimedia announces a proposed shares for debt placement

TORONTO, Feb. 17 /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 1,400,000 Class A subordinated voting shares ("Class A Shares") at a proposed price of $0.15 per share (the "Offering"). The issuance of the shares under the Offering 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 ("TSXV") approval (including the TSXV's approval of the proposed price of $0.15 and the other terms of the Offering). 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 $210,000.

Multimedia Nova Corporation is an integrated communications enterprise based in Toronto, Ontario. It currently has 8,082,350 Class A Shares outstanding.

This press release shall not constitute an offer to sell or solicitation of an offer to buy securities in any jurisdiction. The Class A Shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements. This news release contains or refers to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the expected proceeds that the Corporation may realize from the Offering and the use of same. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements, including the risk that the Offering may not close for a variety of reasons, including a failure to obtain TSXV approval, and the proceeds contemplated thereby may not be made available to the Corporation. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Corporation believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein. The TSXV has neither approved nor disapproved of the contents of this press release and it does not accept responsibility for the adequacy or accuracy of the contents hereof.

SOURCE MULTIMEDIA NOVA CORPORATION

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

Organization Profile

MULTIMEDIA NOVA CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890