Mission Ready Services Inc. (formerly Priceless Piranha Capital Corp.) (TSXV: MRS) (the “Company”) is pleased to announce the completion of its 2nd and final tranche of the concurrent brokered private placement under the Qualifying Transaction raising gross proceeds of $254,000 by a combination of convertible debentures ($155,000) and units ($99,000), as previously announced in its news releases dated September 20, 2012 and December 20, 2013. For convertible debentures, each debenture is at a price of $5,000 per debenture. Each debenture shall have a maturity date of April 12, 2015 and bear interest at an annual rate of 8% per annum, payable quarterly, pro rata for the first quarter. On April 12, 2015 the Company will repay the debentures in full plus accrued and unpaid interest unless the holder of the debenture converts his debenture into common shares at a rate of $0.25 per share. For units, 396,000 units were issued. Each unit consists of one common share in the capital of the Company and one warrant. Each warrant entitles the holder thereof to purchase an additional common share in the capital of the Company at a price of $0.40 per share until August 26, 2015.
In consideration, the Agent was paid a cash commission of $15,880. The Agent also received 49,600 Agent’s warrants, equalling 8% of the total number of debentures sold at an exercise price of $0.25 per share until April 12, 2015. The Agent also received 31,680 unit warrants, equalling 8% of the total number of units sold at an exercise price of $0.25 per unit. Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.40 per share until August 26, 2015.
In accordance with securities legislation currently in effect, all of the securities issued are subject to a “hold period” of four months plus one day from the date of closing, expiring on May 16, 2014.
Business of the Company
MRSI was formed 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.
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.
MRSI also benefits from an experienced Board of Directors and a qualified Advisory Board both composed of seasoned professionals with military, legal, financial, and business development expertise.
Headquartered in Vancouver, BC, MRSI (www.missionready.ca) has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation (CMR)
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment (ICD)
- Product research and development (R&D)
For further information contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
President & CEO
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