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VANCOUVER, Feb. 17, 2015 /CNW/ - Multivision Communications Corp. ("Multivision" or the "Company") (TSX VENTURE: MTV) is pleased to announce that, further to its news release of January 7, 2015, and February 5, 2015, it has closed a non-brokered private placement (the "Private Placement") of 5.360 million units ("Units") at a subscription price of $0.15 per Unit, for aggregate gross proceeds of $804,000. The size of the Private Placement was increased by $54,000 to accommodate oversubscriptions.
Each Unit will be comprised of one common share in the capital of the Company and one non-transferable common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase an additional common share of the Company at an exercise price of $0.20 per common share for a period of two years until February 17, 2017; provided, however, that the Company will be entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date that the Company provides notice to holders that the closing price of the common shares on the Exchange has been equal to or greater than $0.30 for twenty consecutive trading days prior thereto.
The net proceeds of the Private Placement are expected to be utilized by the Company to continue to evaluate and pursue business opportunities and for general corporate and working capital purposes.
In connection with the Private Placement, an aggregate of $15,000 was paid to the following finders, representing a 5% fee in connection with subscriptions by investors introduced by them: Canaccord Genuity Corp. ($9,000), Moe Dilon ($5,250), Haywood Securities Inc. ($375) and Salman Partners Inc. ($375).
The securities issued pursuant to the Private Placement are subject to a four-month hold period that expires on June 18, 2015.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information Certain information contained in this news release, including information relating to the proposed private placement, use of proceeds and the Company pursuing potential business transactions may be deemed "forward-looking". All statements in this news release, other than statements of historical fact, that address events or developments that Multivision expects to occur, are "forward-looking information". These statements relate to future events and reflect Multivision's current expectations or beliefs and are based on information currently available to Multivision. Assumptions upon which such forward looking information are based on the Company's current operations, estimates, forecasts and projections and other factors and events that are not within the control of Multivision and there is no assurance they will prove to be correct. Forward-looking information is not a guarantee of future performance and actual results and future events could differ materially from those discussed in the forward-looking information. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Although Multivision believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Multivision expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
SOURCE Multivision Communications Corp.
For further information: Sandra Buschau, Corporate Secretary, (604) 322-5020, [email protected]