TORONTO, June 25 /CNW/ - Multimedia Nova Corporation (TSX-V: MNC.A) is
pleased to announce a proposed non-brokered private placement of up to 600,000
Class A subordinate voting shares at a price of $0.40 per Class A subordinate
voting share, for gross proceeds of up to $240,000. It is also proposed that
the subscriber will have a preemptive right to maintain its proportionate
shareholding in the event of any other private placements, and a right to
maintain its proportionate shareholding (up to the maximum number of shares
issued in this financing), exercisable at $0.50 per share, on the exercise of
stock options or conversion of class B shares to class A shares.
All securities to be issued pursuant to the private placement will be
subject to a four (4) month hold period. The private placement is conditional
on TSX Venture Exchange approval. 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 communications enterprise
based in Toronto, Ontario. It currently has 4,588,421 Class A subordinate
voting shares outstanding.
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