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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.
For further information:
Sandra Buschau, Corporate Secretary
(604) 322-5020 [email protected]