VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 10, 2016) – MPH Ventures Corp. (TSX VENTURE:MPS)(OTCBB:MPSFF)(FRANKFURT:IJA2) (the “Company”) is pleased to report that the Company continues to take active steps towards completing the previously announced (see news release February 2nd) proposed Change of Business (“COB”) which, subject to regulatory acceptance, will see the Company transition from a Resource Issuer to a Technology Issuer.
MPH Ventures new business will commence through the acquisition of the remaining 80% interest in Travelucion S.L. (“Travelucion”). Travelucion operates as a cash flow positive online travel and digital marketing company that specializes in travel marketing, electronic reservations and online booking solutions for international visitors to Cuba.
The Company’s common shares are currently halted and the Company anticipates they will remain halted until the documentation required by the TSX Venture Exchange (“Exchange”) for the proposed COB is accepted by the Exchange. The Company is in the process of making the necessary filings with the Exchange in accordance with Exchange policies that will lead to the reinstatement of trading of the Company’s shares and conditional approval of the COB transaction.
MPH Ventures board of directors has also approved a name change to Cuba Ventures Corp. to better reflect the Company’s new business direction and expects to resume trading under the symbol “CUV” on the TSX Venture Exchange.
MPH Ventures also announces, further to its news releases of February 2nd, the Company has closed its non-brokered private placement financing and has raised a total of $608,200 by the issuance of 12,164,000 Units (the “Units”) at a deemed price of $0.05 per Unit. Each Unit consists of one common share and one non-transferrable share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one additional common share at a price of $0.075 per share for a period of two years expiring March 10, 2018. Shares issued in connection with this private placement including any shares issued as a result of the exercise of any Warrants will be subject to a four month hold period expiring July 11, 2016. Finder’s fees of $26,299 in cash and 262,990 Warrants were paid in connection with this financing. The Finder Warrants are subject to the same terms and conditions as the private placement Unit Warrants.
The proceeds of the private placement will be used for growth opportunities and corporate developments with Travelucion, as well as for general working capital purposes.
The private placement is subject to final TSX Venture Exchange acceptance.
About MPH Ventures Corp.:
MPH Ventures has acquired a 20% interest in Travelucion S.L., an online travel digital media company and has given notice of its intention to acquire the remaining 80% interest, subject to TSX Venture Exchange approval. Travelucion is a cash-flow positive online travel digital media company that specializes in travel marketing, electronic reservations and online booking solutions for international visitors to Cuba. Travelucion owns one of the most significant portfolios of Cuban focused web assets, through 432 sites, which collectively generate over 30 million page-views per year and direct traffic to the main Travelucion booking site.
For further information on MPH Ventures Corp. (TSX VENTURE:MPS) visit the Company’s website at www.mphventurescorp.com.
MPH Ventures Corp. has approx. 45.4 million shares issued and outstanding.
MPH VENTURES CORP.
James G. Pettit, President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the COB may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has not approved nor disapproved of the contents of this press release.
Statements in this press release may contain forward-looking information including, statements regarding the contemplated COB and private placement. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of MPH Ventures. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed change of business or private placement will be completed or, if completed, will be successful. Please see the public filings of the Company at www.sedar.com for further information.