Cuba Ventures Closes 1st Tranche of $750,000 Private Placement Financing, Receives Conditional Acceptance on 2nd and Final Tranche
October 19, 2017
Vancouver, BC - Cuba Ventures Corp. (TSX-V: CUV) (OTCBB: MPSFF) (the "Company") is pleased to announce the closing of the 1st tranche of its non-brokered private placement financing announced on October 13, 2017. Pursuant to the private placement, the Company has issued 4,636,363 units of the Company at a price of $0.055 per unit for gross proceeds of $255,000. Each unit consists of one common share and one share purchase warrant with each warrant entitling the holder to purchase one additional common share of the Company at a price of $0.075 for a period of two years. Shares issued in connection with this private placement and any shares issued as a result of the exercise of warrants are subject to a statutory hold period of 4 months and 1 day from the issuance date.
Cuba Ventures has received conditional acceptance from the TSX Venture Exchange on the 2nd and final tranche of its $750,000 private placement. Final acceptance of the 2nd tranche is subject to certain conditions being met including the submission and review of a Personal Information Form (PIF) and the acceptance of the TSX Venture Exchange. Closing of the 2nd tranche of the private placement will create a new insider of the Company.
There were no finders' fees paid in connection with this private placement. The proceeds of the private placement will be used for general working capital purposes.
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 Cuba travel information in up to six languages, 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.
Cuba Ventures Corp has acquired an equity interest in a Florida, the USA domiciled, licensed and bonded travel agency which specializes in travel to Cuba. This equity ownership permits the company and, its subsidiary Travelucion, to promote U.S compliant travel packages to Americans citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion's 432 Cuba focused multilingual websites generate over 35 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.
Cuba Ventures FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba's archaic economic systems. Financing of both internal and external debt, blockchain deployment - across the all-important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures consulting division harnesses over 60 years of combined advisor experience in submitting and, obtaining approval, for joint ventures, joint production agreements, and import/export permits for foreign enterprises. More recently the company has taken a royalty approach for future agreements between third parties anxious to begin commercial operations with Cuba and, the company's Cuba Consulting Unit. Current contractual partnerships include Tyrval, a worldwide hotel industry supplier. Cuba Ventures intends to augment the amount of financially beneficial consulting related businesses.
The Company has 83.3 million shares issued and outstanding.
CUBA VENTURES CORP.
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Cuba Ventures Corp.
Toll Free: 800-567-8181
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.