Press Release Source: MPH Ventures Corp. On Thursday December 16, 2010, 10:30 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) - MPH Ventures Corp. (TSX VENTURE:MPS - News; FRANKFURT:IJA1 - News; the "Company") announces that that further to its news releases dated November 4, and 26, 2010, it has closed its non-brokered private placement and issued a total of 21,000,000 units at a price of
.05 per unit to raise gross proceeds of up to $1,050,000. Each unit consists of one common share and one non-transferable share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of
.10 per share. The Company closed the private placement in two tranches. 11,720,00 share purchase warrants are exercisable until December 1, 2013 and the balance of 9,280,000 share purchase warrants are exercisable until December 15, 2013.
The 11,720,000 common shares issued under the first tranche closing and any shares issued upon exercise of the warrants will be subject to a four month restriction until April 1, 2011. The balance of 9,280,000 common shares in connection with the second tranche closing and any shares issued upon exercise of the warrants will be subject to a four month restriction until April 16, 2011.
The Company paid a cash finder's fee finder's fee totaling $20,437.50 and issued 225,000 units as a finder's fee. The 225,000 finder's units are on the same terms and conditions as the units issued under the private placement.
MPH intends to utilize the proceeds of this private placement for its 3400 acre Pidgeon Molybdenum Deposit Project located approximately 50 kilometres east of Dryden, in Northwestern Ontario, and for general working capital purposes.
Pidgeon Molybdenum Deposit Project Claims Map: http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-area-map.gif
