VANCOUVER, British Columbia, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V: CUV ) (OTCBB: MPSFF ) (the “Company”) announces it has arranged a non-brokered private placement of up to 13,636,364 Units of the Company at a price of $0.055 per Unit (the "Issue Price") for proceeds of up to $750,000 (the "Offering"). Each Unit shall consist of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder to purchase one additional Share (a "Warrant Share") at a price of $0.075 per Warrant Share for a period of two years from the date of closing of the Offering. There are no finders fees associate with this placement. The Units, Shares and Warrant Shares will be subject to applicable resale restrictions, including a four month hold period from date of closing of the Offering under applicable Canadian securities laws. Completion of the Offering is subject to regulatory approval, including the acceptance of the TSX Venture Exchange. Proceeds will be used for general corporate working capital purposes.
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, a wholly owned subsidiary, is a digital media and marketing company which owns a vast portfolio of Cuba related websites and online portals providing Cuba travel information in up to six languages, 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.
Cuba Ventures Corp has acquired an equity interest in a Florida, the USA domiciled, licensed and bonded travel agency which specializes in travel to Cuba. This equity ownership permits the company and, its subsidiary Travelucion, to promote U.S compliant travel packages to Americans citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion's 432 Cuba focused multilingual websites generate over 35 million page views per year, directing traffic to the company's online booking and e-commerce sites. These online 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.
Cuba Ventures FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba’s archaic economic systems. Financing of both internal and external debt, blockchain deployment - across the all-important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures consulting division harnesses over 60 years of combined advisor experience in submitting and, obtaining approval, for joint ventures, joint production agreements, and import/export permits for foreign enterprises. More recently the company has taken a royalty approach for future agreements between third parties anxious to begin commercial operations with Cuba and, the company’s Cuba Consulting Unit. Current contractual partnerships include Tyrval, a worldwide hotel industry supplier. Cuba Ventures intends to augment the amount of financially beneficial consulting related businesses.
For further information on Cuba Ventures Corp. (TSX-V: CUV ) or Travelucion, visit the Company’s website at www.cubaventures.com or www.travelucion.com .
The Company has 78.7 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: 604-639-3850 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.
