MONTREAL, April 24, 2018 (GLOBE NEWSWIRE) -- M.P.V. Explorations Inc. ("MPV" or the "Company") is pleased to announce that it has closed its initial public offering ("the offering").
The investors subscribed up to the maximum size of the $1,000,000 offering and Leede Jones Gables ("the agent") elected to exercise their overallotment option for an additional amount of $168,100, for total gross proceeds of $1,168,100. A total of 5,840,500 units were sold at a price of $0.20 per unit, each unit consisting of 1 common share and 1 common share purchase warrant exercisable for 2 years at a price of $0.30.
In connection with the offering, the agent received a $116,810 cash commission, and 584,050 broker warrants entitling it to purchase 584,050 units at a price of $0.20 until April 20th, 2020.
The Company has received conditional acceptance from the Canadian Securities Exchange for the listing of its common shares, which will trade under the symbol “MPV”.
The Company intends to use the proceeds of the Offering to fund exploration work on its UMEX project, as well as on general corporate purposes.
The UMEX project is located in the province of Quebec, Canada, approximately 50 kilometers west of the town of Chapais and approximately 85 kilometers west from the town of Chibougamau. It is accessible by road year-round and less than 1 km away from a major Hydro Quebec power distribution facility. The known mineralisation on UMEX consists of volcanic massive sulphides (VMS) within the Abitibi Greenstone Belt an area well known for its numerous precious metals and polymetallic deposits. MPV has already disclosed a compilation of historical data from UMEX, notably from 11 historical drill holes, which defines a significant Copper, Zinc and Silver mineralization.
According to Jean-Francois Perras, CEO: “The Chapais-Chibougamau mining camp is currently experiencing a considerable increase in mining exploration and development activity. Combined with the favourable pricing environment for base metals, the timing was perfect for a new player to enter the market. Our IPO attracted strong interest from a variety of investor profiles, and we look forward to rapidly implementing our work program on UMEX.”
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
Qualified Persons and QC/AC
Technical information provided in this news release was prepared and reviewed by Dominique Gagné, P.Geo., qualified person as defined by NI 43-101. Mr. Gagné is independent of the Company.
For more information on the Company, please visit www.mpvexploration.com
Jean-Francois Perras
President and Chief Executive Officer
514-667-7171
We seek safe harbour