VANCOUVER, B.C. – December 22, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V : MRS) is pleased to announce that, on December 21, 2016, the Company executed a non-binding term sheet for a draw-down equity facility of up to CDN $10,000,000 with private equity firm, Alumina Partners LLC (“Alumina Partners”). Each Offering will occur exclusively at the option of the Company throughout the 24-month term of the agreement.
Pursuant to the term sheet, Alumina Partners will commit to purchase up to $10,000,000 of units of the Company (the “Units”), through a series of equity private placement offerings (the “Offerings”), to be conducted at the sole discretion of Mission Ready, in draw down amounts of up to $1,000,000. The Units will consist of one common share and one common share purchase warrant with the Unit price set at a discount of 22% to the market price of the common shares of the Company and the exercise price of the warrants set at a 25% premium over the market price of the common shares. The securities sold and purchased in connection with each placement shall be issued subject to a definitive investment agreement between Alumina Partners and the Company.
“This arrangement comes at an excellent time for the Company as we roll out our portfolio of protective products, now being manufactured by us, and move forward with our growth initiatives planned for the next 24 months. We are honored to have been selected by Alumina Partners and look forward to leveraging this opportunity to maximize Mission Ready’s capital resources while, at the same time, limit dilution for our shareholders as much as possible.” states Rod Reum, CEO of Mission Ready.
“Alumina could not be more pleased to stand with and support Mission Ready as they deploy all of their formidable experience and cutting-edge insight to innovatively address the shortcomings of the previous generations of life-saving protective equipment issued to our men and women in uniform,” said Adi Nahmani, Alumina’s Managing Member. “Our armed services and first responders are the shield that protects us all, and in order to better protect them Mission Ready is introducing tomorrow’s technologies today.”