Business
Luxell Announces Closing of $3.75 Million Private Placement
Luxell Announces Closing of $3.75 Million Private Placement.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, May 1 /CNW/ - Luxell Technologies Inc. (TSX:LUX) ("Luxell")\ntoday announced it successfully closed a non-brokered private placement (the\n"Offering") of $3,750,000 in series A notes (the "Notes"). The Notes have an\ninitial term of 6 months from the date of issue which term can be extended at\nthe option of Luxell for a further 3 months.\n\n\nThe Notes bear an interest rate of 6% per annum which will be paid in\ncash quarterly in arrears. An additional amount of 10% per quarter will be\npaid through the issuance of common shares in the capital of Luxell ("Bonus\nShares") based on the 5 day weighted average trading price of the common\nshares on the TSX for the five trading days immediately preceding the end of\neach quarter.\n\n\nA finder's fee of 3% was paid through the issuance of 750,000 shares at a\nprice of $0.15 per share. The common shares issued in connection with the\nfinders fee are subject to a 4 month resale restriction.\n\n\nThe funds received by Luxell will be used to first pay existing debt, to\nrefinance currently outstanding debt, with the balance to be applied toward\nLuxell's business development, production operations and general working\ncapital.\n\n\n"This successful close, demonstrates investor confidence in the potential\nsuccess of our strategic plan and the progress we have achieved against our\nplan," said Alec Couckuyt, President and Chief Executive Officer of Luxell.\n\n\nLuxell also confirms that its Annual and Special Meeting will be held on\nMay 14, 2007. Complete details have been included with the shareholders\nmaterial mailing or can be obtained by contacting the Company directly.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for defence and avionics industries. More information can be\nfound at www.luxell.com. (C) Luxell Technologies Inc. All other company and/or\nproduct names are trademarks and/or registered trademarks of their respective\nmanufacturers.\n\n\n%SEDAR: 00008266E\n\n\n","length":2140,"tagName":"div"}]