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Swingplane Finalizes Share Exchange Agreement and Moves to Close AcquisitionSANTIAGO, Chile, Feb. 14, 2013 /PRNewswire via COMTEX/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to announce the finalization of the Share Exchange Agreement (the "Agreement") between Swingplane and the shareholders of Mid Americas Corp. ("Mid Americas").Mid Americas holds the rights under an option agreement for the Algarrobo property in Chile.Under the terms of the Agreement, the shareholders of Mid Americas will exchange all of the shares of Mid Americas for 100,000,000 shares of common stock and 5,000,000 shares of preferred stock of Swingplane. The terms of the Agreement is finalized between the parties and closing will take place immediately upon the completion of the audit of Mid Americas, expected to be completed early next week. Mid Americas has expended a total of $950,000 under the terms of the option agreement. At closing Mid Americas will have no outstanding debt, save for the costs of the audit, and will become a wholly owned subsidiary of Swingplane. To effect closing, a total of 300,000,000 shares of common stock will be returned to treasury in exchange for 100,000,000 shares of common stock and the shares of preferred stock. The preferred stock will be convertible into share of common stock on the basis of 50 shares for each one share issued and will have voting rights of 100 shares for each one share of preferred stock.Further, at closing, Swingplane will appoint a director and President to Mid Americas.At closing, Swingplane will have a total of 235,000,000 shares of common stock and 5,000,000 shares of preferred stock issued and outstanding.A copy of the Share Exchange Agreement will be filed with the Securities and Exchange Commission by February 15, 2013. Further, the Company will file a Super 8K within 4 days of closing which is expected to take place next week.Michel VoyerPresident and Director
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