Second and Final Tranche of Brokered Private Placement Closes
January 16 2014 - 6:45PM
Access Wire
Mission Ready Services Inc. (formerly Priceless
Piranha Capital Corp.) (TSXV: MRS)
(the "Company") is
pleased to announce the completion of its 2nd and final tranche of the concurrent
brokered private placement under the Qualifying Transaction raising
gross proceeds of $254,000 by a combination of convertible
debentures ($155,000) and units ($99,000), as previously announced
in its news releases dated September 20, 2012 and December 20,
2013. For convertible debentures, each debenture is at a price of
$5,000 per debenture. Each debenture shall have a maturity date of
April 12, 2015 and bear interest at an annual rate of 8% per annum,
payable quarterly, pro rata for the first quarter. On April 12,
2015 the Company will repay the debentures in full plus accrued and
unpaid interest unless the holder of the debenture converts his
debenture into common shares at a rate of $0.25 per share. For
units, 396,000 units were issued. Each unit consists of one common
share in the capital of the Company and one warrant. Each warrant
entitles the holder thereof to purchase an additional common share
in the capital of the Company at a price of $0.40 per share until
August 26, 2015.
In consideration, the Agent was paid a cash
commission of $15,880.
The Agent also received 49,600
Agent's warrants, equalling 8% of the total number
of debentures sold at an exercise price of
$0.25 per share until April 12, 2015. The Agent also
received 31,680 unit warrants, equalling 8% of the total number
of units sold at an exercise price of $0.25 per unit. Each unit
consists of one common share and one warrant. Each warrant is
exercisable at $0.40 per share until August 26, 2015.
In accordance with
securities legislation currently in effect, all of the securities
issued are subject to a "hold period" of four months plus one day
from the date of closing, expiring on May 16, 2014.
Business of the
Company
MRSI
was formed to
meet a critical need
of one of the world's
largest customers, the
US Government
and in particular the
Departments
of Defence, Homeland
Security and Justice and various
other agencies
such as law
enforcement,
first responders and the
many
others worldwide
that help to safeguard our health
and security.
MRSI's mission
is to save
lives and
enhance
the performance of
military
personnel,
first responders, and those
who protect us
by working
to ensure they are equipped with the best possible
personal protective equipment.
MRSI's
management
team offers over
100 years
of combined industry
experience
and is composed
of industry experts
in developing products,
contracting, and selling
to the federal government
first
responders
and tactical markets
through open
market
procurements, teaming arrangements,
and a variety of
federal
contract tools.
MRSI also benefits
from an experienced
Board of
Directors
and a qualified Advisory
Board both
composed of
seasoned professionals with
military, legal, financial, and business development
expertise.
Headquartered
in Vancouver,
BC, MRSI
(www.missionready.ca)
has
three
distinct, synergistic
operating
divisions:
-
--
Strategic
consulting services and manufacturers
representation (CMR)
--
Equipment
inspection,
cleaning/decontamination
and repair services
of personal
protection
equipment (ICD)
--
Product
research
and development (R&D)
For further information contact:
Terry Nixon - Director, Corporate Communications
Telephone: 1.877.479.7778
Mission Ready
Services Inc.
(signed "Rod
Reum")
Rod Reum,
President & CEO
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 release.
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