VANCOUVER, British Columbia, Oct. 5, 2015 (GLOBE NEWSWIRE) -- MPH Ventures Corp. (TSX-V:MPS) (OTCBB:MPSFF) (Frankfurt:IJA2) (the "Company") is pleased to announce, further to its news release of August 14th, the Company has closed the first tranche of its non-brokered private placement financing and has raised $402,800.00 by the issuance of 8,056,000 Units (the "Units") at a deemed price of $0.05 per Unit. Each Unit consists of one common share and one non-transferable 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 five years expiring October 5, 2020. 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 February 6, 2016. Aggregate finder's fees of $15,891.40 cash and 226,100 agent warrants ("Agent Warrants") have been paid in connection with this offering. The Agent Warrants are subject to the same terms and conditions as the subscriber Warrants. Jim Pettit and Don Huston, insiders of the Company, purchased 300,000 and 60,000 Units respectively and pro groups purchased 1,400,000 Units of the private placement.
The proceeds will be used to complete MPH Ventures' previously announced acquisition of a 20% interest in Travelucion, an online travel digital media company servicing international visitors to Cuba (see July 8th & August 14th news releases), as well as for general working capital purposes.
The private placement is subject to TSX Venture Exchange acceptance.
MPH Ventures has signed a Definitive Agreement with the shareholders of Travelucion S.L. pursuant to which the Company shall acquire a 20% interest in Travelucion S.L. in exchange for common shares of MPH Ventures and $100,000 in cash with an option to acquire the remaining 80% interest. The Definitive Agreement is subject to TSX Venture Exchange approval.
Travelucion is a cash-flow positive online travel digital media company that specializes in travel marketing, electronic reservation and online booking solutions for international visitors to Cuba. It owns one of the most significant portfolios of Cuba focused web properties and domains that have been promoting Cuba and offering online travel services to the Caribbean nation since 1995. Recently, Travelucion's revenues have been increasing in the wake of the notable shift in American policy towards Cuba as diplomatic relations between the two nations normalize and with travel restrictions on Americans visiting Cuba expected to gradually relax. Online booking is one of the fastest growing sectors in the travel industry and Travelucion is poised to take advantage of this rapid growth.
Travelucion owns 100% of 432 web assets popularizing Cuban Culture, Music, Celebrities, over sixty major tourist destinations, Golf, Banking and Commerce which collectively generate over 30 million page-views per year. Through legacy agreements with Cuba's largest travel companies, Travelucion's emblematic e-commerce brands like Havanatur.com, Cuba VIP and GoCuba provide the company with access to a broader and more diverse portfolio of national travel and tourism packages in Cuba than any other travel provider. Travelucion is also uniquely established to handle the travel requirements of qualified U.S. travelers to Cuba. This allows permitted U.S. travelers, in addition to non-U.S. travelers, the ability to indulge in high end hotel and spa accommodations or create uniquely Cuban travel packages with exclusive private home rentals, exotic/antique car services and access to a multitude of exhilarating guided or self-discovery tours across Cuba. Travelucion has also developed a strong social media platform of passionate Cuba social media followers across Facebook, Twitter, Pinterest and Instagram.
MPH Ventures and Travelucion will continue to expand the existing travel and Cuba focused marketing initiatives in numerous sectors with a specific spotlight on the emerging U.S.-Cuba travel market.
About MPH Ventures Corp.:
MPH Ventures Corp. has approx. 22.1 million shares issued and outstanding.
For further information on MPH Ventures Corp. (TSX-V:MPS) visit the Company's website at www.mphventurescorp.com .
MPH VENTURES CORP.
JAMES G. PETTIT
President & CEO
For further information contact myself or:
MPH Ventures Corp.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
CONTACT: Email: email@example.com Telephone: (604) 687-3376 Facsimile: (604) 687-3119
Source:MPH Ventures Corp.