TORONTO, June 27 /CNW/ - Multimedia Nova Corporation (TSX-V: MNC.A)
("Multimedia") is pleased to announce completion of its previously announced
proposed non-brokered private placement. Torstar Corporation ("Torstar")
purchased from Multimedia 590,361 Class A subordinate voting shares at a price
of $0.40 per Class A subordinate voting share, for gross proceeds of $236,253.
All securities issued pursuant to the private placement are subject to a four
(4) month hold period. No bonus, finder's fee or commission is being paid in
connection with this transaction.
Multimedia will use the net proceeds from the sale of the Class A
subordinate voting shares for general working capital and corporate purposes,
as well as to invest in expanding and improving its publications in the
Greater Toronto Area.
Multimedia Nova Corporation is an integrated Canadian communications
company. Its subsidiaries include Multicom Media Services Ltd. (media services
and publishing); Diversity Media Services Inc. (media buying and planning for
delivery through the Company owned products and a network of multicultural
partner publications, in more than 40 languages); NewsWeb Printing &
Distribution (printing and distribution). Multimedia Nova masthead properties
of newspapers, each supported by websites include: Corriere Canadese (Italian
daily language newspaper; Tandem (Corriere Canadese's English weekend
edition); Correo Canadiense (Spanish weekly newspaper); Nove Ilhas/O Correio
Canadiano (Portuguese weekly newspaper); the Town Crier group of 9 community
newspapers serving the Toronto market; Vaughan Today (English weekly
newspaper); and Insieme (Italian weekly newpaper serving Montreal).
Multimedia Nova Corporation now has 5,179,052 Class A subordinate voting
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: Ms. Lori Abittan, President and Chief Executive
Officer; or Mr. Joe Mastrogiacomo, Chief Financial Officer at (416) 785-4300,
fax (416) 785-4303