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TORONTO, Oct. 28, 2015 /CNW/ - Midpoint Holdings Ltd. (the
"Company") (TSXV: MPT) is pleased to announce that the
Company has received conditional approval from the TSX Venture
Exchange of a private placement of up to 20,000,000 units
("Units") at a price of $0.15
per Unit (the "Offering") for gross proceeds of up to
$3,000,000. Each Unit will consist of
one common share (each a "Common Share") in the capital of
the Company and one-half of one Common Share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant shall entitle the
holder thereof to purchase one Common Share for a period of twenty
four (24) months from the closing of the Offering at a price of
$0.30 per Common Share, provided that
if, at any time after the date that is more than four months and
one day following the closing of the Offering, the Common Shares
trade on a stock exchange at a volume weighted average trading
price of $0.50, or greater, per
Common Share for a period of 20 consecutive trading days, the
Company may accelerate the expiry date of the Warrants by giving
notice to the holders thereof and in such case the Warrants will
expire on the 30th day after the date on which such notice is given
by the Company.
The Company closed the first tranche of the Offering on
October 28, 2015, which consisted of
the issuance of an aggregate of 2,886,677 Units for gross proceeds
of $433,001.55. The Common Shares and
the Warrants comprising the Units issued in connection with the
completion of the first tranche of the Offering are subject to a
hold period of four months and a day. The Company proceeds of the
Offering will be used for general working capital purposes.
The Company paid finder's fees of $15,452.94 in connection with the Offering, which
was settled through the issuance of 103,019 Units.
The Company anticipates completing one or more additional
tranches of the Offering in the upcoming weeks.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release and has
neither approved nor disapproved of the contents of this press
release.
This news release contains certain "forward-looking
information" within the meaning of applicable securities law.
Forward looking information is frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "would", "potential",
"proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These statements are
only predictions. Forward-looking information is based on the
opinions and estimates of management at the date the information is
provided, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
information. For a description of the risks and uncertainties
facing Midpoint and its business and affairs, readers should refer
to Midpoint's Management's Discussion and Analysis. Midpoint
undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change,
unless required by law. The reader is cautioned not to place undue
reliance on forward-looking information.
SOURCE Midpoint Holdings Ltd.