MPVC Inc.

TSX VENTURE : MVC.H


January 23, 2014 14:02 ET

MPVC Announces Re-Pricing of Financings

WINNIPEG, MANITOBA--(Marketwired - Jan. 23, 2014) - MPVC Inc. ("MPVC" or the "Corporation") (TSX VENTURE:MVC.H) announces that it has re-priced its unit financing and flow-through financing.

Unit Private Placement

The terms of the unit private placement previously announced on October 4, 2013, contemplated a non-brokered private placement to raise gross proceeds of $1,250,000 by the issuance of up to 6,250,000 units at a price of $0.20 per unit. Each unit was to consist of one common share and one common share purchase warrant with each warrant entitling the holder to purchase one common share of MPVC at the price of $0.30 per share on or before the earlier of (i) one year following the closing and (ii) the date occurring 15 business days from the date the holder receives notice from the Corporation that the trading price of the common shares has closed each day for a period of five consecutive trading days at $0.75 per share or higher.

Under the revised terms of the unit private placement, MPVC proposes a non-brokered private placement for gross proceeds of $1,500,000 by the issuance of up to 15,000,000 units at a price of $0.10 per unit. Each unit will consist of one common share and one common share purchase warrant with each warrant entitling the holder to purchase one common share of MPVC at the price of $0.15 per share for a period of two years from the date of closing of the unit private placement. The provision for earlier conversion has been removed.

Flow-Through Private Placement

The terms of the flow-through private placement previously announced on November 13, 2013, contemplated a non-brokered private placement to raise gross proceeds of $1,133,333 by the issuance of up to 5,666,667 flow-through common shares at a price of $0.20 per share. Under the revised terms of the flow-thru private placement, MPVC proposes a non-brokered private placement for gross proceeds of $1,000,000 by the issuance of up to 10,00,000 flow-through common shares at a price of $0.10 per share.

Up to a 10% cash commission or finder's fee will be paid to registered dealers or qualified arm's length third parties assisting with the both the unit financing and flow-through financing. The proceeds of these offerings will be used for Phase 1of the work program, general and administrative expenses and a minimum of $100,000 unallocated working capital. It is a condition of TSX Venture Exchange conditional acceptance that a minimum amount of $1,250,000 be raised by the Corporation from the unit financing.

Use of Proceeds

The funds raised from the unit financing and flow-thru financing will be used by MPVC to identify and drill targets within the Northwest Manitoba Property along the Maguire structural trend. The Northwest Manitoba Property is the subject of the option from CanAlaska Uranium Ltd. ("CanAlaska") which the Corporation can earn into, as announced in its news release of October 4, 2013. The Northwest Manitoba Property covers some 143,603 hectares and is made up of three licenses (MEL-236B, MEL-166B, and MEL-247B) located along the Saskatchewan/Manitoba border. They are located approximately 90 kilometres northeast of the McClean Lake uranium deposit. These properties lie within the Wollaston Domain trend, which hosts a number of uranium deposits including Rabbit Lake, Eagle Point, McClean Lake, Cigar Lake, Midwest Lake and McArthur River. For more detailed technical information relating to the Northwest Manitoba Property, please see the Corporation's new release dated November 7, 2013, a copy of which may be accessed at www.sedar.com.

Completion of the option transaction previously announce on October 4, 2013, is subject to a number of conditions, including completion of at least $1,250,000 in financing, final Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in Filing Statement filed on SEDAR on December 20, 2013, in connection with the transaction, and information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of MPVC should be considered highly speculative.

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 press release.

This news release is not for dissemination in the United States or for release to U.S. newswire services. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to persons in the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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