Welcome!

News Feed Item

Alex Blyumkin Announces Acquisition of Convertible Debentures, Common Shares and Warrants of MCW Energy Group Limited

TORONTO, ONTARIO -- (Marketwired) -- 07/03/14 -- Alex Blyumkin, a director and officer of MCW Energy Group Limited (TSX-V: MCW) (the "Corporation"), has filed an early warning report (the "Report") announcing he has acquired a US$824,000 principal amount secured convertible debenture and a US$2,000,000 principal amount secured convertible debenture of the Corporation.

The US$824,000 principal amount secured convertible debenture provides that the principal amount of the Debenture will bear interest at a rate of 10% per annum, payable on maturity (March 7, 2017). At the option of Mr. Blyumkin, the principal under the convertible Debenture may be converted into 998,230 common shares of MCW ("MCW Shares") at a conversion price of $0.90 at any time until maturity.

The US$2,000,000 principal amount secured convertible debenture (the "2nd Debenture") provides that an initial drawdown in the amount of US$1,139,000 (the "Initial Drawdown") will be advanced by Mr.

Blyumkin to the Corporation upon the execution and delivery of the 2nd Debenture, with any subsequent drawdowns to be advanced to the Corporation at the option of Mr. Blyumkin, upon request by the Corporation. The 2nd Debenture provides that the principal amount of the 2nd Debenture will bear interest at a rate of 10% per annum, payable on maturity (June 25, 2017). At the option of Mr. Blyumkin, the principal under the 2nd Debenture may be converted into MCW Shares at a conversion price equal to either: (i) $1.00 per MCW Share for drawdowns on or before August 11, 2014, or (ii) the minimum price permitted by the TSX Venture Exchange for drawdowns on or after August 12, 2014. The MCW Shares (1,221,122) issuable pursuant to the Initial Drawdown represent approximately 2.6% of the currently issued and outstanding MCW Shares. The MCW Shares (3,142,430) issuable pursuant to a full drawdown on or before August 11, 2014 would represent approximately 6.4% of the currently issued and outstanding MCW Shares.

Mr. Blyumkin also acquired 265,921 MCW Shares and warrants exercisable for 71,429 MCW Shares indirectly through the Alex and Polina Blyumkin Trust (the "Trust") pursuant to a share purchase agreement originally disclosed in an Early Warning Report and News Release filed on SEDAR on November 21, 2014. In the event of exercise of the warrants into 71,429 MCW Shares, the 337,350 (265,921 + 71,429) MCW Shares would represent approximately 0.7% of the currently issued and outstanding MCW Shares.

Mr. Blyumkin currently holds, directly or indirectly, beneficial ownership of, or the power to exercise control or direction over, 3,722,892 MCW Shares, warrants exercisable for 1,000,000 MCW Shares, representing (assuming full exercise of the warrants) approximately 9.3% of the currently issued and outstanding MCW Shares.

Immediately following the three acquisitions, Mr. Blyumkin will hold, directly or indirectly, beneficial ownership of, or the power to exercise control or direction over, 3,722,892 MCW Shares, warrants exercisable for 1,000,000 MCW Shares and debentures convertible into 2,219,352 MCW Shares (3,142,430 assuming full drawdown on the 2nd Debenture on or before August 11, 2014), representing approximately 14.6% of the currently issued and outstanding MCW Shares (assuming full exercise of the warrants and full drawdown on the 2nd Debenture).

The convertible debentures, common shares and warrants were acquired for investment purposes. Alex Blyumkin and the Trust may increase or reduce their investment in the Corporation according to market conditions or other relevant factors.

For further details relating to the acquisition, please see the Report, a copy of which is available under the Corporation's profile on the SEDAR website at www.sedar.com or may be obtained from Alex Blyumkin at c/o Alon HaCohen, TQM Law Corporation, 1801 Century Park E, Suite 2400, Los Angeles, California, 90067, (310) 844 6968, [email protected].

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,