MPV announces CSE’s conditional approval of its transaction with Entheon Biomedical Corp.

MONTREAL, Oct. 28, 2020 (GLOBE NEWSWIRE) -- MPV Exploration Inc. ("MPV" or the "Company") is pleased to announce that further to its news releases dated July 2, 2020 and September 10, 2020 (the “Initial News Releases”), the Company has received conditional approval from the Canadian Securities Exchange (“CSE”) to list the Resulting Issuer Shares (as defined below) for trading pursuant to the amalgamation agreement (the “Amalgamation Agreement”) dated June 30, 2020 and amended October 9, 2020 with Entheon Biomedical Corp. (“Entheon”) and 1254912 B.C. Ltd. (“Subco”), whereby the Company will acquire all of the issued and outstanding securities of Entheon in exchange for shares of the Company (the “Transaction”).

Furthermore, and in connection with the Transaction, the Company will be changing its name from “MPV Exploration Inc.” to “Entheon Biomedical Corp.” (the “Name Change”). Concurrently with the Name Change and in connection with the Transaction, the Company will also complete a consolidation of its issued and outstanding share capital on the basis of one post-consolidated common share for every three pre-consolidated common shares (the “Consolidation”). No fractional shares will be issued as any fractional share will be rounded down to the nearest whole number. In addition, the number, exercise price or exchange basis of all warrants will be adjusted, as applicable, to reflect the three-for-one Consolidation.

Following the completion of the Transaction, and the concurrent Name Change and Consolidation, the new CUSIP number for the common shares of the resulting entity (the “Resulting Issuer Shares”) will be 29383X103 and the new ISIN number will be CA29383X1033. The Company will announce the trading symbol on the CSE for the Resulting Issuer Shares on or prior to the closing of the Transaction. Currently, a total of 18,105,514 common shares of the Company are issued and outstanding and after the Consolidation the Company will have approximately 6,325,160 Resulting Issuer Shares issued and outstanding (assuming the exercise of options held by officers and directors of MPV immediately prior to the completion of the Transaction). Following completion of the Transaction, after giving effect to: (i) the 29,845,805 Resulting Issuer Shares to be issued to the former Entheon shareholders; and (ii) the 4,217,886¹ Resulting Issuer Shares to be issued to the Subco shareholders, in connection with the concurrent non-brokered private placement conducted by Subco (as discussed in further detail in the Initial News Releases), the Company will have approximately 40,388,851 Resulting Issuer Shares issued and outstanding.