/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES FOR DISSEMINATION IN THE UNITED
STATES./
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.