VANCOUVER, British Columbia, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX VENTURE:MRS) is pleased to announce that it has closed a non-brokered private placement financing for gross proceeds of $1,650,000 (the “Offering”). The proceeds from the Offering will be used for growth opportunities, sales and marketing initiatives, product development, and general working capital.
Pursuant to the Offering, the Company issued 6,600,000 units (the “Units”) at a price of $0.25 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one‑half of one share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share in the capital of the Company (a “Warrant Share”) at a price of $0.50 per Warrant Share until September 22, 2019.
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 of four months plus one day from the date of issue pursuant to the applicable securities laws and the closing of the Offering is subject to receipt of final approval of the TSX Venture Exchange.
The Company has paid total cash commissions of $92,810 and issued 185,620 finder’s Warrants, with the same terms as the Unit Warrants, as compensation in relation to the Offering.
Jeffery Schwartz, President & CEO of the Company, states, “We have made tremendous strides in improving our balance sheet over the past 90 days. We believe that the Company’s available resources are best utilized in growing the business as opposed to servicing outstanding payables which is why we chose to add $1.65M in capital resources through an equity Offering. This additional operating capital will help to significantly bolster the continued, unencumbered growth of the Company.”
About Mission Ready Services Inc.
Mission Ready serves 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.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Innovations and Development of Personal Protective Equipment
- Manufacturing of Leading Military & Law Enforcement Personal Protective Equipment
- Cleaning, Decontamination & Repair of Personal Protective Equipment
Mission Ready’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.
For further information, visit MissionReady.ca or ProtectTheForce.com
Terry Nixon - Director, Corporate Communications
Telephone: 1.877.479.7778
Mission Ready Services Inc.
(signed “Jeff Schwartz”)
Jeff Schwartz,
President & CEO
This news release contains "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.