CALGARY, Oct. 19, 2012 /CNW/ - Dallas Duce (the "Offeror"), a director of 3MV Energy Corp. ("3MV"), indirectly through Audax Investments Ltd., Estevan, Saskatchewan, announces that he has acquired ownership of 20,000,000 (the "Units") at a price of $0.25 per Unit for gross proceeds of $5,000,000 (the "Offering"). Each Unit will be comprised of one common share (a "3MV Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of 3MV at an exercise price of $0.50 per common share for a period of 18 months following the date of issuance. The 3MV Shares issued pursuant to the Offering were issued from 3MV's treasury at a price of $0.25 per Unit, representing 58.84% of the total number of 3MV Shares on a non-diluted basis and 74.09% on a partially diluted basis assuming the exercise of the Warrants only. As a result, the Offeror's total holdings of 3MV Shares amount to 20,259,996 or approximately 59.61% of the total number of 3MV Shares issued and outstanding on a non-diluted basis and approximately 74.57% on a partially diluted basis assuming the exercise of the Warrants.
The 3MV Shares are held for investment purposes, and the Offeror may, depending on market and other conditions, increase or decrease his beneficial ownership or control of the 3MV Shares or other securities of 3MV whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
SOURCE: 3MV Energy Inc.
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