MONTREAL, Feb. 14, 2019 (GLOBE NEWSWIRE) -- MPV Exploration Inc ("MPV" or the "Company") is pleased to announce the closing of a non-brokered private placement (‘’Offering’’) for aggregate gross proceeds of $480,000. The Offering consisted of 6,000,000 Units at a price of $0.08 per Unit, with each Unit consisting of one common share of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.16 for a period of twenty-four (24) months expiring on February 12th, 2021.
In connection with the offering, the Company paid finder’s fees totalling $23,750. The net proceeds of the Offering will be used by the Company for general corporate purposes and to explore for potential strategic opportunities.
Insiders of the Company participated in the Offering and subscribed for a total of 843,750 Units ($67,500). Participation of insiders of the Company in the Offering constitutes a “related party transaction” as defined under National Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“NI 61-101”). The Offering is exempt from the formal valuation and minority shareholder approval requirements of NI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time.
The securities issued under the Offering are subject to a 4 month plus one day hold period expiring on June 13th, 2019. The Offering remains subject to final regulatory approval.
About MPV Exploration Inc.
MPV Exploration Inc. is a mineral exploration company focused on base metals projects in the Chibougamau region of Northern Quebec. Its main asset is the UMEX Copper-Zinc project, which is located approximately 50 kilometers West of the town of Chapais on traditional Eeyou Istchee Territory and covers a total 7,000 hectares over a length of 16.8 kilometers. Documented mineralization on the UMEX property consist of volcanic massive sulfides (VMS) within the Abitibi Greenstone Belt, which is known for its numerous precious metals and polymetallic deposits.
For further information, please contact:
Jean-Francois Perras, President and CEO
MPV Exploration Inc.
(514) 667-7171
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