Cuba Ventures Closes Non-Brokered Private Placement of $490,500 and the Company's Plans for Proceeds
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Cuba Ventures
Corp. (TSX-V:CUV) (OTCBB:MPSFF) (the "Company") is pleased to announce the
closing of a non-brokered private placement of $490,500.
The financing will be completed through the issuance of up to 9,810,000 units
(the "Units") at a price of $0.05 per unit. Each Unit consists of one common
share and one non-transferable share purchase warrant ("Warrant"), with each
whole Warrant entitling the holder to purchase one common share for a period of
two years at a price of $0.075 per share.
In connection with the financing, Cuba Ventures issued a total of 383,600
warrants to finders (the "Finder's warrants") who introduced certain subscribers
to the private placement. Each Finder's Unit will entitle the finder to
purchase, for a period of two years, a Finder's Unit on the same terms as the
private placement Unit. The Company also paid to finders a cash total of $19,180
in connection with this financing. The Unit Shares and Warrants issued under the
private placement and any shares issued pursuant to the exercise of the Warrants
and Finder's Units are subject to a four month and one day expiring March
17(th), 2017.
CEO, Steve Marshall commented: "The closing of this private placement is pivotal
for the growth of Cuba Ventures. We will be using a part of these proceeds to do
a complete overhaul of our legacy travel platform featured
on www.havanatur.com and a further 68 national branded Cuba Travel e-commerce
websites. Concurrently, we will transform an initial group of our large
portfolio of Cuban-information websites, which generate approximately 35 million
annual page views, into today's current; design, website SEO and technological
platform standards. Not only should these changes make it easier for travelers
to navigate our pages and platforms, it should also help drive a significant
number of extra web visitors to our 432 websites which cover the island."
Cuba Ventures in the News:
Canada's preeminent business publication, The Financial post, recently debuted
an article on November 15(th) on how a "pro-business" Trump administration can
be a catalyst for Cuba Ventures:
http://business.financialpost.com/business-trends/cubas-future-looks-bright
About Cuba Ventures Corp.:
Cuba Ventures Corp. is a publicly traded Canadian company capitalizing on the
growth and unique opportunities in the USD $3.5 billion per year Cuban travel
and tourism industry. Travelucion, a wholly owned subsidiary, is a digital media
and marketing company which owns a vast portfolio of Cuba related websites and
online portals providing travel information, featuring individual web assets for
Cuba's popular cities and towns, online booking solutions and online
reservations through proprietary software, catering to international visitors to
Cuba. Travelucion's online travel division is a duly licensed retail travel
supplier handling millions of dollars in sales annually.
Travelucion's 432 Cuba focused multilingual websites generate over 30 million
page-views per year, directing traffic to the company's online booking and e-
commerce sites. These online websites cover all facets of Cuba including over
80 travel destinations, hotels & resorts, bed & breakfast, tours, car rentals,
restaurants, as well as Cuban culture, history, music, celebrities, sports,
medical treatments and more.
Travelucion's revenues have been rapidly growing in the wake of the notable
shift in American policy towards Cuba. With diplomatic relations now normalized
and restrictions on qualified American travel to Cuba relaxed, opening of the
multi-billion dollar travel market to the Caribbean nation is becoming a
reality. Travelucion's continued media dominance over the past two decades has
provided Cuba Ventures with a competitive advantage in the burgeoning Cuba
travel and online media space. With the relaxing of rules for American travelers
to Cuba and the potential of further easing, growth and investment opportunities
are on the rise in Cuba.
For further information on Cuba Ventures Corp. (TSX-V:CUV) or Travelucion visit
the Company's website at www.cubaventures.com or www.travelucion.com. Cuba
Ventures Corp. has approx. 62.6 million shares issued and outstanding.
CUBA VENTURES CORP.
STEVE MARSHALL
______________________________
Steve Marshall
CEO
For further information contact myself or:
Nick Findler
Cuba Ventures Corp.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)cubaventures.com
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cuba Ventures Corp. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.11.2016 - 14:30 Uhr
Sprache: Deutsch
News-ID 507835
Anzahl Zeichen: 6881
contact information:
Town:
Vancouver, BC
Kategorie:
Business News
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"Cuba Ventures Closes Non-Brokered Private Placement of $490,500 and the Company's Plans for Proceeds"
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