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TORONTO, Nov. 30, 2017 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (CSE:MPX) (OTC:MPXEF) (the “Company” or “MPX”) announced today that it has entered into an agreement with Echelon Wealth Partners Inc. (“Echelon”), as co-lead agent on behalf of a syndicate of agents including co-lead agent Canaccord Genuity Corp. (together with Echelon, the “Agents”), in connection with a commercially reasonable efforts private placement offering (the "Offering") of up to 53,191,500 units (the "Units") of the Company, at a price of C$0.47 per Unit (the “Issue Price”), for gross proceeds to the Company of up to approximately C$25,000,000. Chrystal Capital Partner LLP will act as special selling agent in relation to the Offering.
Each Unit will consist of one common share (“Common Share”) in the capital of the Company and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of C$0.64 for a period of 24 months from the closing of the Offering. If, at any time after 12 months following the Closing Date, the volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (“CSE”) over any 15 consecutive trading day period is at least C$2.00, the Company will have the right to accelerate the expiry date of the Warrants to a date that is 30 calendar days after the date on which the Company issues a press release announcing the accelerated expiry date.