|
(TSX-V:
MPS)
October
18, 2007
NEWS
RELEASE
Offer Made to Remaining Minority Shareholders of
Pidgeon Molybdenum Mines Limited
Vancouver,
BC – MPH Ventures Corp. (TSX.V:
MPS) (the “Company”) announces that
further to its news release of October 17, 2007, the Company will make an
offer to the remaining minority shareholders of Pidgeon Molybdenum Mines
Limited (“PMML”) to acquire all of their shares for an aggregate
purchase price of $36,646.26. The minority shareholders hold a 6.55%
interest in PMML.
MPH
Ventures announced on October 17th, that the Company has amended
the terms of its agreement with Rio Algom Limited, a wholly-owned subsidiary of
BHP Billiton Ltd. (NYSE: BHP) and Goldcorp Inc. (TSX: G) for the acquisition
by MPH Ventures of 93.45% of the outstanding shares of Pidgeon Molybdenum
Mines Limited (“PMML”).
Under
the terms of the amended agreement, MPH Ventures has agreed to purchase all
existing shares of PMML held by BHP Billiton and Goldcorp for the sums of
$353,290.47 and $103,216.14 respectively. The Company also agrees to
make a payment of $93,493.39 to BHP Billiton in respect of existing debt owed
by PMML to Rio Algom.
The
transaction is subject to TSX Venture Exchange acceptance with closing
scheduled for October 31, 2007.
PMML
holds a 100% interest in 210
hectares of mining
claims under the name “Pidgeon Molybdenum
Deposit”. The Pidgeon Molybdenum Deposit is located approximately
50 kilometres
east from the city of Dryden, District of Kenora, Northwestern Ontario.
Pidgeon
Molybdenum Deposit Claims Map:
http://www.mphventurescorp.com/i/maps/MPS-ON-Pidgeon-area-map.gif
MPH
Ventures also announces it has arranged a non-brokered private placement of
up to 4,000,000 units at a price of $0.20 per unit. Each unit consists
of one common share and one non-transferable share purchase warrant. Each
warrant entitles the holder to purchase an additional common share of the
Company at an exercise price of $0.27 per common share during the first year
and at a price of $0.30 during the second year.
The
Company intends to utilize the proceeds of the private placement for general
working capital and exploration expenses with respect to its Pidgeon
Molybdenum Deposit project.
MPH
Ventures Corp. is a gold, silver, and molybdenum exploration company focused
on mineral development within Canada and Latin America.
For
further information on MPH Ventures Corp. (TSX.V: MPS) visit the
Company’s web site at www.mphventurescorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
________________________________
JAMES G. PETTIT
President
Share Outstanding
19.6 million
|