THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER, Jan. 20, 2012 /CNW/ - Multivision Communications Corp. (TSXV:
MTV) (the "Company") is pleased to announce that, further to its news
releases of December 2, 2011 and December 29, 2011, it has closed a
non-brokered private placement (the "Private Placement") of 4 million
units ("Units") at a price of $0.15 per Unit for aggregate gross
proceeds of $600,000. Each Unit consists of one common share and one
common share purchase warrant (a "Warrant"). Each Warrant entitles the
holder thereof to purchase one common share of the Company a ("Warrant
Share") at an exercise price of $0.20 per Warrant Share until January
16, 2014, subject to earlier expiry in the event (the "Trigger Event")
that, following the expiry of the four month hold period, the
volume-weighted average price of the Company's common shares on the TSX
Venture Exchange over a period of twenty consecutive trading days
exceeds $0.25. On the occurrence of a Trigger Event, the Company may
give notice to holders to accelerate the expiry of the Warrants to a
date that is not less than 30 calendar days after such notice is sent
to the holders. The securities issued pursuant to the Private Placement
are subject to a four-month hold period that expires on May 16, 2012.
The proceeds of the Private Placement will be used for working capital.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Multivision Communications Corp.
For further information:
Sandra Buschau, Corporate Secretary
(604) 322-5020 firstname.lastname@example.org