Mission Ready Closes $1.5M Private Placement
April 16 2014 - 8:06PM
Access Wire
Vancouver, BC / ACCESSWIRE / April 16 2014 /
Mission Ready Services Inc. (MRS: TSX-V), ("Mission Ready" or the
"Company") is pleased to announce the closing of a $1.5 million
private placement offering, first announced March 11, 2014,
of Units of the Company at an issue price
of $0.25 per Unit, each Unit consisting of (a) one
common share of the Company (a
"Share" or "Shares"), and
(b) one share purchase warrant (a "Warrant") of the
Company (a "Unit" or
"Units"). Each Warrant shall entitle the
holder thereof to acquire one additional Share (a
"Warrant Share" or "Warrant
Shares") at an exercise price of $0.50 per Warrant
Share and expiring on August 26, 2015.
The closing took place in two
tranches, 5,120,000 Units closed on April 1, 2014 and are
restricted for resale until August 2, 2014 and the remaining
880,000 Units closed on April 16, 2014 and are restricted for
resale until August 17, 2014.
The Units were sold, on a
private placement basis, to persons who qualified as "accredited
investors" or by other such exemptions available under applicable
securities legislation in Canada and other jurisdictions determined
by the Company. The securities offered are subject to resale
restrictions pursuant to the applicable securities laws.
In consideration, finders were
paid a cash commission of $90,800 and 236,400 broker Units
warrants. Each unit is comprised of one share and one warrant. Each
warrant shall entitle the holder thereof to acquire one additional
share at a price of $0.50 per warrant share and expiring on August
26, 2015.
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.
Headquartered in Vancouver,
BC, MRSI has three distinct, synergistic operating
divisions:
-
o.Strategic consulting
services and manufacturers representation
-
o.Equipment
inspection, cleaning/decontamination and repair services of
personal protection equipment
-
o.Product research and
development
For further information, visit the Company's website
at www.missionready.ca or
contact:
Terry Nixon, Director, Corporate Communications
1-877-479-7778
Investor Relations
1-866-684-6730
mrs@kincommunications.com
www.kincommunications.com
Mission Ready Services Inc.
Rod Reum,
President & CEO
This news release may contain
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "anticipate", "believe", "plan", "expect",
"intend", "estimate", "forecast", "project", "budget", "schedule",
"may", "will", "could", "might", "should" or variations of such
words or similar words or expressions. Forward-looking information
is based on reasonable assumptions that have been made by Mission
Ready Services Inc. as at the date of such information and is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Mission Ready Services Inc.to be materially
different from those expressed or implied by such forward-looking
information.
Forward-looking statements are
based on assumptions management believes to be reasonable. Although
Mission Ready Services Inc. has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Mission Ready Services Inc. does not
undertake to update any forward-looking information that is
included herein, except in accordance with applicable securities
laws.
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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