By Sheri Kasprzak
New York, July 25 - MFC Development Corp. said it has arranged a private placement for $2.25 million.
The company plans to sell 2.25 million shares at $1.00 each as part of its acquisition of Worldwide Excellence Inc.
Officers, directors and certain designees from the company have been granted the right to buy up to 200,000 of the shares at $1.00 each.
MFC announced Monday that it plans to acquire all of Worldwide Excellence's outstanding shares in exchange for MFC's common shares.
Based in New Rochelle, N.Y., MFC is a holding company for a debt-collection service, a land acquisition company and an insurance claims management firm.
| Issuer: | MFC Development Corp.
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| Issue: | Stock
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| Amount: | $2.25 million
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| Shares: | 2.25 million
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| Price: | $1.00
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| Warrants: | No
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| Pricing date: | July 21
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| Stock price: | $2.10 at close July 21
|
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