Cuba Ventures Closes Non-Brokered Private Placement Of $490,500 And The Company's Plans For Proceeds

VANCOUVER, British Columbia, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V:CUV) (OTCBB:MPSFF) (the "Company") is pleased to announce the closing of a non-brokered private placement of $490,500.

The financing will be completed through the issuance of up to 9,810,000 units (the "Units") at a price of $0.05 per unit. Each Unit consists of one common share and one non-transferable share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one common share for a period of two years at a price of $0.075 per share.

In connection with the financing, Cuba Ventures issued a total of 383,600 warrants to finders (the "Finder's warrants") who introduced certain subscribers to the private placement. Each Finder's Unit will entitle the finder to purchase, for a period of two years, a Finder's Unit on the same terms as the private placement Unit. The Company also paid to finders a cash total of $19,180 in connection with this financing. The Unit Shares and Warrants issued under the private placement and any shares issued pursuant to the exercise of the Warrants and Finder's Units are subject to a four month and one day expiring March 17 th, 2017.

CEO, Steve Marshall commented: " The closing of this private placement is pivotal for the growth of Cuba Ventures. We will be using a part of these proceeds to do a complete overhaul of our legacy travel platform featured on and a further 68 national branded Cuba Travel e-commerce websites. Concurrently, we will transform an initial group of our large portfolio of Cuban-information websites, which generate approximately 35 million annual page views, into today's current; design, website SEO and technological platform standards. Not only should these changes make it easier for travelers to navigate our pages and platforms, it should also help drive a significant number of extra web visitors to our 432 websites which cover the island."

Cuba Ventures in the News:

Canada's preeminent business publication, The Financial post, recently debuted an article on November 15 th on how a "pro-business" Trump administration can be a catalyst for Cuba Ventures:

About Cuba Ventures Corp.:

Cuba Ventures Corp. is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the USD $3.5 billion per year Cuban travel and tourism industry. Travelucion, a wholly owned subsidiary, is a digital media and marketing company which owns a vast portfolio of Cuba related websites and online portals providing travel information, featuring individual web assets for Cuba's popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba. Travelucion's online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually.