Business
Luxell Announces Closing of Financing
Luxell Announces Closing of Financing.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, July 18 /CNW/ - Luxell Technologies Inc. (TSX: LUX) (the\n"Corporation") is pleased to announce the closing of the final tranche of its\npreviously announced private placement financing. The Corporation's press\nrelease of July 5, 2007 reported that Kingsmill Capital Partners Inc. (the\n"Agent") had exercised its over-allotment option to increase the aggregate\noffering by an additional 20% to a total of $1,200,000, and that the first\ntranche of the private placement had closed on June 29, 2007 for proceeds of\n$782,400. The second tranche of the private placement, being announced today,\nsaw the Corporation issue an additional 3,930,000 common shares for total\nadditional proceeds of $471,600. Proceeds from this financing will be used to\nmeet increasing working capital demands resulting from the recent growth in\nsales and production activity.\n\n\nThe Corporation has issued an aggregate of 10,000,000 common shares from\nthe closing of the first and second tranches of this financing, and also\nissued to the Agent broker warrants entitling the Agent to purchase up to\n1,000,000 common shares at a price of $0.13 per common share exercisable for a\nperiod of twenty-four months from the date of issuance of such warrants. The\nCorporation also paid to the Agent a cash commission of 7% of the total gross\nproceeds realized from the offering.\n\n\nThe Corporation also reports that Mr. Max Rutherford has advised the\nCorporation that he would be unable to accept election to the Corporation's\nBoard of Directors due to conflicts between his forthcoming schedule and the\nBoard's 2007-2008 schedule of meetings and committee requirements. As a\nresult, at the present time, the Corporation's Board of Directors is comprised\nof six directors, being Anthony DeCristofaro, David Pasieka, John MacDonald,\nDr. Robert Bajcar, Giulio Vitali and Christopher Carl.\n\n\nAbout Luxell Technologies Inc.\n\n\n------------------------------\n\n\nThe Corporation has its origins in the research and development of\noptical improvement technologies (contrast enhancement) known collectively as\nthe Black Layer(TM) Technology. Application of this technology is in Flat\nPanel Display (FPD) devices. These devices are used in a wide array of\nproducts requiring outdoor or ambient sunlight conditions and usually in a\nrugged en...