MPAC Industries Corporation

MPAC Industries Corporation

October 14, 2008 09:03 ET

MPAC Industries Corporation: Announcement of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - MPAC Industries Corporation ("MPAC" or the "Company") (TSX VENTURE:MPN) is pleased to announce that it has concluded negotiations for a non-brokered private placement of a maximum of 1,500,000 units (the "Offering") at a price of $0.05 (five cents) per unit.

Each unit (a "Unit") is comprised of one (1) common share of the Company (the "Share") and one (1) non-transferable, eighteen (18) month, 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 $0.10 (ten cents) if exercised within six (6) months from the date of closing, or a price of $0.15 (fifteen cents) if exercised therafter until the expiry date.

In the event the closing trading or quotation price of the common shares of the Issuer on the TSX Venture Exchange is CDN $0.15 (fifteen cents) per common share or higher over a period of ten (10) consecutive trading or quotation days beginning on or after the date that is four (4) months and one (1) day after the date of issuance of the Warrants, the Issuer shall be entitled, following the issuance of a News Release notifying holders of the Warrants of such event (the "Notice"), to accelerate the expiry date to the date that is ten (10) business days after the date that the Issuer issues the Notice.

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 Corporation 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.


J. Richard W. Hall, 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.

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