VANCOUVER, British Colombia, Oct. 20, 2016 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V: CUV ) (OTCBB: MPSFF ) (the "Company”) announces a non-brokered private placement of up to 10,000,000 units (the "Unit") at a price of $0.05 per unit to raise proceeds of up to CDN $500,000. Each Unit will consist of one common share and one non-transferable share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share, for a period of two years, at a price of $0.075 per share. The proceeds will be used for modernizing the current travel booking websites as well as other corporate developments, and for general working capital purposes.
A finder's fee of 7% in cash and 7% in non-transferable warrants (the "Finder's Warrants") may be paid in connection with part of this private placement. Each Finder's Warrant will entitle the finder to purchase a common share at a price of $0.075 per share for a period of two years from the closing date of the private placement. The private placement is subject to TSX Venture Exchange acceptance.
Cuba Ventures in the News and Media:
September 1 st , 2016 marked the first commercial flight departing from the US and arriving in Cuba since 1961. Under the new agreement between the US and Cuba there will be 110 commercial flights per day between the two countries. With the first commercial flights from the US west coast set to commence in January 2017, Cuba Ventures CEO Steve Marshall was interviewed in California this month by the following networks:
- Univision America which has over 80 million Hispanic viewers and holds the top slot for Spanish speaking media within the US and Central America: https://youtu.be/RWi74exaiS0
- CBS CW6 San Diego: http://www.cw6sandiego.com/want-visit-cuba-not/
About Cuba Ventures Corp.:
Cuba Ventures Corp. is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the USD $3.5 billion per year Cuban travel and tourism industry. Travelucion Media, a wholly owned subsidiary of Cuba Ventures, is a digital media and marketing company which owns a vast portfolio of Cuba related websites and online portals providing travel information, featuring individual web assets for Cuba's popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba. Travelucion's online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually.
Travelucion's 432 Cuba focused multilingual websites generate over 30 million page-views per year, directing traffic to the company's online booking and e-commerce sites. Recently this traffic has become a cornerstone of the company’s assets, positioning it to direct highly targeted web traffic towards specific partnerships including the MOU with SPORTTU and Collaboration Agreement with Mercosur. Cuba Ventures will continue to monetize and develop its Cuba centric web traffic going forward. Travelucion’s websites cover all facets of Cuba including over 80 travel destinations, hotels & resorts, bed & breakfast, tours, car rentals, restaurants, as well as Cuban culture, history, music, celebrities, sports, medical treatments and more.
Travelucion's revenues have been rapidly growing in the wake of the notable shift in American policy towards Cuba. With diplomatic relations now normalized and restrictions on qualified American travel to Cuba relaxed, opening of the multi-billion dollar travel market to the Caribbean nation is becoming a reality. Further, with President Obama having now legalized the sale of Cuban cigars, rum and foods, we see yet another illustration of improved relations with Cuban goods now available across North America, opening up an all new advertising opportunity for Cuban producers desirous of promoting their brands and products on a worldwide stage. Travelucion's continued media dominance over the past two decades has provided Cuba Ventures with a competitive advantage in the burgeoning Cuba media space. With the relaxing of rules for American travelers to Cuba and the potential of further easing, along with recently announced sales of Cuban goods in the US, growth and investment opportunities are on the rise in Cuba.
For further information on Cuba Ventures Corp. (TSX-V: CUV ) or Travelucion Media visit the Company's website at www.cubaventures.com or www.travelucion.com . Cuba Ventures Corp. has approx. 62.6 million shares issued and outstanding.
CUBA VENTURES CORP.
STEVE MARSHALL ______________________________ Steve Marshall CEO
For further information contact myself or: Nick Findler Cuba Ventures Corp. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@cubaventures.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
