Business
Luxell Announces $1 Million Financing
Luxell Announces $1 Million Financing.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, June 4 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today\nannounced that it has engaged Kingsmill Capital Partners Inc. ("KCP" /\n"Agent") to facilitate a private placement to raise a minimum of $1 million\nthrough the issuance of common shares from treasury at $0.12 per share. As\nadditional compensation, the Company will issue to the Agent broker warrants\nentitling the Agent to purchase 1,000,000 common shares of the Company\nexercisable at $0.13 for a period of twenty-four months following the closing.\n\n\nThe funds will be used solely to meet increasing working capital demands\nresulting from the recent growth in sales activity now being enjoyed by\nLuxell.\n\n\nThe terms of the engagement of KCP include KCP raising a minimum of\n$1 million and the parties have agreed that an oversubscription of up to 20%\nwill be allowed. KCP also has the right of first refusal to facilitate a\nlarger financing of up to $5 million in the next fiscal year that will be used\nfor a combined purpose of redeeming debt owed by Luxell and further increasing\nworking capital to meet the increasing demands of expected sales growth.\n\n\n"Everyone on our team has worked very hard over the past 8 months and\nespecially since January of this year to build on existing business and\ndevelop new sales and product enhancements. We are now beginning to see the\nturnaround of Luxell's fortunes and can see we have reached the point where an\nequity investment makes sense both for the company and for investors. We are\nvery proud of the advances we have made to increase sales and reduce costs and\nwe look forward to a great deal more of this type of success as we continue to\nmove ahead," says Luxell President and CEO, David Pasieka.\n\n\nCompletion of the private placement is subject to receipt of all required\nregulatory and other approvals, including acceptance by the TSX.\n\n\nAbout Luxell\n\n\n------------\n\n\nLuxell Technologies Inc. ("LTI") has its origins in the research and\ndevelopment of optical improvement technologies (contrast enhancement) known\ncollectively as the Black Layer(TM) Technology. Application of this technology\nis in Flat Panel Display (FPD) devices. These devices are used in a wide array\nof products requiring outdoor or ambient sunlight conditions and usually in a\nrugged ...