Marchwell Ventures Ltd.

February 15, 2012 15:10 ET

Marchwell Ventures Ltd. Announces Settlement of Consulting Services Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2012) - Marchwell Ventures Ltd. (TSX VENTURE:MVE.H) (the "Corporation") - Further to the Corporation's press release dated February 15, 2011, the Corporation wishes to announce settlement of the consulting services agreement (the "Consulting Services Agreement") with Quest Capital Management Corp. ("Quest"), which was assigned to Ionic Management Corp. ("Ionic") on November 29, 2011 pursuant to the terms of the Consulting Services Agreement. In addition, Quest and Ionic are related companies by virtue of having common ownership and management. For various services rendered pursuant to the Consulting Services Agreement and subject to the approval by applicable regulatory bodies, the Corporation will issue 373,333 units of the Corporation ("Units") to Ionic. Each Unit will consist of one common share of the Corporation (a "Common Share") issued at a deemed price of $0.15 per Common Share and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle Ionic to acquire one additional Common Share at an exercise price of $0.20 for one year from the date of its issuance. All securities issued pursuant to the settlement of the Consulting Services Agreement will be subject to a statutory hold period expiring on or about June 15, 2012.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Marchwell Ventures Ltd.
    Sandra Lee
    Corporate Secretary
    (604) 488-5427