VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - MPH Ventures Corp. (TSX VENTURE:MPS) (OTC GREY:MPSFF)(FRANKFURT:IJA1) announces that it intends to effect a consolidation of its common shares on the basis of one new common share for every ten common shares outstanding. The name of the Company will not change and the trading symbol will remain the same.
Management and the Board of Directors believe that the share consolidation is in the best interests of the Company and its shareholders. Management believes that the share consolidation will allow MPH Ventures important flexibility in order for the Company to complete future financings.
The Company currently has 80,825,010 common shares outstanding and, following the share consolidation on a ten to one basis, will have 8,082,501 common shares outstanding. No fractional common shares will be issued and no cash will be paid in lieu of fractional post-consolidation common shares but the number of common shares to be received by a shareholder will be rounded down to the nearest whole common share.
MPH Ventures also announces it has arranged a non-brokered private placement of up to 12,000,000 post consolidated units (the "Unit") at a price of $0.05 per unit to raise proceeds of up to $600,000. Each Unit consists of one post consolidated common share and one non-transferable post consolidated share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one post consolidated common share for a period of two years at a price of $0.10 per share. The Company intends to utilize the proceeds from this private placement for further property investigation and for general working capital purposes.
A finder's fee of up to 7% cash and 7% non-transferable warrants (the "Finder's Warrants") may be paid in connection with part of this private placement. Each Finder's Warrant will entitle the finder to purchase a common share at a price of $0.10 per share for a period of two years from the closing date of the private placement.
The share consolidation and the private placement are subject to approval by the TSX Venture Exchange.
About MPH Ventures Corp.:
MPH Ventures Corp. is a molybdenum, graphite and gold exploration company focused on mineral development within Canada.
For further information on MPH Ventures Corp. (TSX VENTURE:MPS) visit the Company's web site at www.mphventurescorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.