Mr. James Pettit reports
NON-BROKERED PRIVATE PLACEMENT ANNOUNCED
MPH Ventures Corp. has arranged a non-brokered private placement of up to 20 million units at a price of five cents per unit to raise gross proceeds of up to $1-million. Each unit consists of one common share and one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one common share for a period of three years at a price of 10 cents per share.
The company may pay up to a 7.5-per-cent finder's fee, payable in cash or units, in connection with part of this private placement offering.
MPH intends to use the proceeds of this private placement for its 3,400-acre Pidgeon molybdenum deposit project located approximately 50 kilometres east of Dryden in Northwestern Ontario and for general working capital purposes.
The company is in the process of completing an update of its NI 43-101 resource estimate of its 100-per-cent-owned Pidgeon molybdenum deposit project. Since acquiring the project from BHP Billiton and Goldcorp in 2007, MPH Ventures has drilled over 40 holes on the project and has hit significant molybdenum intersections within open-pit parameters.
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