MPAC Industries Corporation

MPAC Industries Corporation

November 09, 2007 11:12 ET

MPAC Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2007) - MPAC Industries Corporation (the "Company") (TSX VENTURE:MPN) announces that, further to its News Releases of October 30, 2007 and November 6, 2007, the Company, pursuant to the Conditional Acceptance from the Exchange, has closed its Non-Brokered Private Placement (the "Placement") comprised of 1,260,000 units with twelve (12) placees at a price of $0.14 per unit. Three (3) insiders have purchased 950,000 of the units, or approximately seventy-five percent (75%) of the Placement. Final acceptance for the close of this Private Placement is now being sought from the Exchange.

Each unit (a "Unit") is comprised of one (1) common share of the Company (the "Share") and one (1) non-transferable, one (1) 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 (the "Closing"), or at a price of $0.20 (twenty cents) if exercised thereafter until the expiry date.

The Shares are subject to a hold period of four months from the Closing.


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