VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Further to the news release dated September 19, 2014 announcing a non-brokered private placement offering of up to CDN $3.5-Milion, due to increased interest, Mission Ready Services Inc. (“Mission Ready” or the “Company”) has increased its non-brokered private placement to $4-Million. The private placement now consists of the issuance of 16,000,000 units (the “Units”) at $0.25 per Unit for gross proceeds of CDN $4,000,000 (the “Offering”). Each Unit shall consist of (i) one (1) common share in the capital of the Corporation (a “Share” or “Shares“), and (ii) one half (1/2) share purchase warrant (a “Warrant” or “Warrants”) of the Corporation. Each full Warrant shall entitle the holder thereof to acquire one additional Share (a “Warrant Share” or “Warrant Shares”) at a price of $0.50 per Warrant Share until September 30, 2017.
At such time the Company’s weighted average share price for 10 consecutive trading days equals or exceeds $1.00, the Company may give notice to the Warrant holders that they must exercise their remaining Warrants within a period of 30-days from the deemed date of receipt of the notice. Any Warrants remaining unexercised after the expiration of the 30-day notice period will be cancelled and will thereafter be of no force or effect.
The proceeds from the Offering will be used for the advancement and growth of the Company’s current initiatives, including the recently announced Marine contract award, future opportunities and general working capital.
The Offering is subject to applicable Canadian prospectus exemptions being available along with a number of conditions, including, but not limited to, receipt of all necessary corporate approvals and TSX Venture Exchange approval. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About Mission Ready
MRSI was created 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.
Headquartered in Vancouver, BC, MRSI has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
- Product research and development
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.
For further information, visit the Company’s website at MissionReady.ca or contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
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.