MPAC Industries Corporation
TSX VENTURE : MPN

MPAC Industries Corporation

October 30, 2007 09:55 ET

MPAC Arranges Up to a Maximum of $154,000 Non-Brokered Unit Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2007) - MPAC Industries Corp. (the "Company" or "MPAC" or the "Issuer") (TSX VENTURE:MPN) is pleased to announce that it has concluded negotiations for a non-brokered private placement of a maximum of 1,100,000 units (the "Offering") at a price of $0.14 (fourteen cents) per unit.

Each unit (a "Unit") is comprised of one (1) common share of the Company (the "Share") and one (1) non-transferable, one year, share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company at a purchase price of $0.17 (seventeen cents) if exercised within six (6) months from the date of closing, or at a price of $0.20 (twenty cents) if exercised thereafter until the expiry date.

The Offering is on a non-brokered basis, and the proceeds from the Offering will be used for general working capital and to advance the Company's proposed coal refining activity in Turkey. The Company may, in appropriate circumstances, pay up to a ten percent (10%) finder's fee in cash or Shares.

Subject to interest from outside placees, the insiders, management, and/or consultants may subscribe for more than twenty-five percent (25%) of the Offering and may subscribe for up to one hundred percent (100%) of the Offering.

The Offering is subject to acceptance by the securities regulatory authorities.

This news release contains forward-looking statements, which are based on MPAC Industries' current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. The forward-looking statements are not guarantees of future performances and undue reliance should not be placed on them. Actual results may differ materially as a result of any number of factors and uncertainties, many of which factors are beyond the Company's control. MPAC Industries Corporation undertakes no obligation to revise any forward-looking statements except as required by applicable securities laws.

BY THE ORDER OF THE BOARD

Firoz Lakhani, President & CEO

The TSX Venture Exchange neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • MPAC Industries Corporation
    J. Richard W. Hall
    Investor Relations
    (604) 644-2244
    Website: www.mpacindustries.com