VANCOUVER, BC--(Marketwired - December 22, 2016) - Mission Ready Services Inc. ("Mission Ready" or the "Company") (TSX VENTURE: MRS) is pleased to announce that, on December 21, 2016, the Company executed a non-binding term sheet for a draw-down equity facility of up to CDN $10,000,000 with private equity firm, Alumina Partners LLC ("Alumina Partners"). Each Offering will occur exclusively at the option of the Company throughout the 24-month term of the agreement.
Pursuant to the term sheet, Alumina Partners will commit to purchase up to $10,000,000 of units of the Company (the "Units"), through a series of equity private placement offerings (the "Offerings"), to be conducted at the sole discretion of Mission Ready, in draw down amounts of up to $1,000,000. The Units will consist of one common share and one common share purchase warrant with the Unit price set at a discount of 22% to the market price of the common shares of the Company and the exercise price of the warrants set at a 25% premium over the market price of the common shares. The securities sold and purchased in connection with each placement shall be issued subject to a definitive investment agreement between Alumina Partners and the Company.
"This arrangement comes at an excellent time for the Company as we roll out our portfolio of protective products, now being manufactured by us, and move forward with our growth initiatives planned for the next 24 months. We are honored to have been selected by Alumina Partners and look forward to leveraging this opportunity to maximize Mission Ready's capital resources while, at the same time, limit dilution for our shareholders as much as possible," states Rod Reum, CEO of Mission Ready.
"Alumina could not be more pleased to stand with and support Mission Ready as they deploy all of their formidable experience and cutting-edge insight to innovatively address the shortcomings of the previous generations of life-saving protective equipment issued to our men and women in uniform," said Adi Nahmani, Alumina's Managing Member. "Our armed services and first responders are the shield that protects us all, and in order to better protect them Mission Ready is introducing tomorrow's technologies today."
About Alumina Partners LLC
Alumina Partners is a New York-based private investment partnership of experienced accredited investors who came together to bring sensible, responsive, accretive, non-predatory and non-disruptive institutional investment back to the emerging growth arena. Their focus on understanding the unique challenges faced by emerging growth issuers helps them tailor each investment to better accelerate the unlocking of meaningful shareholder value.
About Mission Ready
MRSI's mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
- Product research and development
Mission Ready's management team offers over 100 years of combined industry experience and is composed of industry experts in developing products, contracting, and selling to the federal government, first responders and tactical markets through open market procurements, teaming arrangements, and a variety of federal contract tools.
Mission Ready Services Inc.
(signed "Rod Reum")
President & CEO
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
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.