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Dec 23, 2002
Private Placement Completed


MEGA CAPITAL INVESTMENTS INC. (the "Company") announces that it has completed the private placement originally announced in its news release dated November 25, 2002, and has issued 900,000 special warrants at a price of $0.25 per special warrant. Each special warrant is exercisable into one common share of the Company (the "Shares") and one-half of one non-transferable share purchase warrant (the "Warrants"). Each whole Warrant is exercisable into one common share of the Company at a price of $0.40 per share (the "Warrant Shares") for a period of two years from December 20, 2002.

The Shares and Warrant Shares are subject to a Securities Act hold period expiring December 21, 2003, as well as a TSX Venture Exchange hold period expiring April 21, 2003. No bonus, finder's fees, commissions or other compensation is payable with respect to the Private Placement.

On behalf of the Board of
MEGA CAPITAL INVESTMENTS INC.
"Dave Pearce"
President and Director
Company Contact:
Mega Capital Investments Inc. Attn. Dave Pearce
Phone: (604) 922-0010
Fax: (604) 922-6674
E-mail: davepearce@telus.net


You can view the Next News Releases item: Thu Feb 13, 2003, Qualifying Transaction And Prospectus You can view the Previous News Releases item: Mon Nov 25, 2002, Agreement Announced
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