Published On: Sat, May 10th, 2014

Mantra Venture Group Ltd (OTCMKTS:MVTG): Unregistered Sales Of Equity Securities

Share This

Mantra Venture Group Ltd (OTCMKTS:MVTG) recently announced to have entered into private placement agreements with reference to its filing of Form 8-K on April 30, 2014 with the Securities and Exchange Commission. The company announced to have entered into Material Definitive Agreement with 14 people effective April 10, 2014.

Pursuant to the agreements, Mantra Venture Group Ltd (OTCMKTS:MVTG) has agreed to issue an aggregate of approximately 4.07 million units at a purchase price of $0.20 per unit. This will result in total proceeds of almost $815,000. The company mentioned in its SEC filing that each unit consists of one common share purchase warrant in addition to one common share. Ear warrant is exercisable, for a period of the 60 months from the date of closing, at a price of $0.37 per share. However, the additional condition mentioned under the filing refers that warrant is exercisable five business days after Mantra Venture Group Ltd.’s common stock closed at or above $2.50 per share, consecutively for seven trading days on the FINRA Bulletin Board.

Company Brief:

Mantra Venture Group Ltd (OTCMKTS:MVTG) operates through its subsidiary, Mantra Energy Alternatives Ltd. which is engaged in fostering a novel utilization and carbon capture technology referred to as ERC (Electro Reduction of Carbon Dioxide). Professor Colin Oloman initially began investigating commercial viability in 2001 at the Clean Energy Research Centre, University of British Columbia and the technology has been under development since then. Mantra Venture Group acquired its intellectual property in 2008 and since then it is continually developing ERC which is now on its track for commercialization.

The company regards a highly skilled team of industry partners as key to its success. Together, these partners represent the full spectrum of supply chains for Mantra’s technologies. The team comprises some of world’s largest companies which facilitates range of services from basic research to product off-take including engineering and technology adoption. Some of its industry partners include Lafarge, Kemira, NORAM, and Powertech Labs Inc. among others.

© Copyright 2016 OTC News Magazine. All rights reserved.