Cuba Ventures Closes $500,000 Non-Brokered Private Placement Financing
December 29, 2017
Vancouver, BC – Cuba Ventures Corp. (TSX-V: CUV) (Frankfurt: IJA2) (OTCBB: MPSFF) (the “Company”) Vancouver, BC - is pleased to announce that, further to its news release of December 8th, the Company has closed its non-brokered private placement on conditional approval from the exchange for 2,272,727 units (each, a “Unit”) at a subscription price of CAD $0.22 per Unit for gross proceeds of CAD $500,000. Each Unit consists of one common share of the Company and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.35 for a period of 1 year following the issuance date of the Warrant. All the Units and the Warrants are subject to a statutory hold period of 4 months and 1 day from the issuance date thereof. No finder’s fees were paid in connection with this financing.
Proceeds from this financing will be used to develop the Revolupay platform and for general corporate working capital purposes.
Blockchain-Powered Revolupay® App:
As previously announced, the Company is currently developing a revolutionary blockchain-based mobile application called Revolupay® and an analogous web based system, to target Cuba’s USD $3.4 Billion remittance market and the USD $750 Million private sector. Blockchain technology has the potential to be highly disruptive in the multi-billion dollar remittance market and the Company plans to be the first to implement a blockchain-based platform specifically for the Cuban market. Cuba Ventures has signed a definitive agreement with Vesilen Investments (“Vesilen”) for co-development of this blockchain platform and Revolupay® app.
CubaFin Partner Updates:
As previously announced, the Company is in the process of finalizing the definitive agreements with Al-Fahim Technologies, Bhavnani Corporation and Vesilen Investments. News on these definitive agreements is forthcoming.
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. Revolupay® 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. The Fintech division is set up to enhance and work in unison with the existing travel division.
Cuba Ventures consulting division harnesses over 80 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.
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. The Company has 98,274,605 shares issued and outstanding.
CUBA VENTURES CORP.
For further information contact myself or:
Cuba Ventures Corp.
Toll Free: 800-567-8181
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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.