California Gold Corp. Completes Securities Exchange Agreement With MVP Portfolio, LLC
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California Gold Corp. (QB) (USOTC:CLGL)
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Heute : Thursday 27 February 2014
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California Gold Corp. Completes Securities Exchange Agreement With MVP Portfolio, LLC
The Company Completes Private Placement Offering of $2.9 Million and Will Continue Operations as MV Portfolios, Inc.
JACKSONVILLE, FL--(Marketwired - Feb 27, 2014) - California Gold Corp. (the "Company") (OTCQB: CLGL), a Nevada corporation, announced today that it completed a securities exchange on February 7, 2014 pursuant to which the members of MVP Portfolio, LLC, a Florida limited liability company ("MVP"), exchanged 100% of the membership interests in MVP for 9,385,000 to-be-issued, post-1 for 100 Reverse Split shares of common stock, $0.001 par value per share, of the Company. As a result of the securities exchange, the Company will continue the existing business operations of MVP as a publicly-traded company under the name MV Portfolios, Inc. The effective date of the reverse split and Company name change is expected to be on or about March 30, 2014, following completion of the Company's process to solicit the required stockholder vote for the planned corporate changes. Once the reverse split and name change become effective with FINRA, a new ticker symbol will be issued for the Company's new name.
On February 7, 2014, concurrent with the closing of the securities exchange, the Company completed the closing of a private placement offering of its 10% convertible promissory notes for gross proceeds of $2,942,495 (before deducting placement agent fees and expenses of the offering). The notes sold in the private placement and the securities into which the notes will be convertible have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.
William D. Meadow, Founder and Chief Executive Officer of MVP Portfolio, commented, "We are pleased to have completed this securities exchange and related private placement which will enable us to embark upon efforts to license our technology and commercialize location based services and geospatial information systems. MVP has gathered an experienced team of inventors and patent experts who will focus on licensing our portfolio. We look forward to providing updates to our shareholders as we achieve future milestones."
Company Overview:
MVP is engaged in the business of patent licensing and supporting commercialization under its intellectual property. The Company owns a patent portfolio related to online mapping which has been used in various commercial enterprises by predecessors and licensees.
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