Luxell Announces $6 Million Financing

About this update from Newlox Gold Ventures Corp.

[{"type":"text","content":"\n\n\n\nTORONTO, May 2 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced\nfurther details of the non-brokered private placement announced in its news\nreleases of March 5 and 31, 2008.\n\n\nPursuant to the Offering, the Company will raise up to $6.0 million\nthrough the issuance of units from treasury at $0.10 per unit. Each unit\nconsists of one (1) common share and one-half (1/2) warrant. Each whole\nwarrant entitles the holder to purchase one (1) common share at a price of\n$0.25 per share until the second anniversary of the closing date provided\nthat, if the closing price of the common shares as listed on a recognized\nstock exchange exceeds $0.35 per share for a period of 10 consecutive business\ndays. The expiry date of the warrant will be 30 days from the date of notice\nsent by the Company to the holder. The Company may increase the size of the\nOffering by up to 10% at any time prior to the closing. The Company may pay\nagents' fees of a cash commission equal to or up to 2% of the aggregate\nsubscription proceeds plus an engagement fee of up to $25,000. In addition,\nthe Company may also grant to the agents a number of common shares equal to or\nup to 2% of the number of units.\n\n\nAssuming all of the warrants are exercised, a maximum of 100,320,000\ncommon shares will be issued or made issuable pursuant to the transaction\nrepresenting approximately 157% of the company's issued and outstanding common\nshares on a pre-transaction basis.\n\n\nThe Offering is scheduled to close on or about May 9, 2008. Completion of\nthe private placement is subject to receipt of all required regulatory and\nother approvals, including acceptance by the TSX. Securities sold under the\noffering will be subject to a statutory four (4) month hold period. The\nCompany is relying on the exemption from shareholder approval under section\n604 (e) of the TSX Company Manual - Financial Hardship.\n\n\nThe following insiders are subscribers to the Offering:\n\n As % of Outstanding As % of Outstanding\nName and Position Common Shares Common Shares\nOf Insider Number of Units (prior to Offering)- (post-Offering)\n\nDavid Pasieka 2,800,000 Units 6% 3%\nDirector\n\nGuilio Vitali 2,800,000 Units 6% 3%\nDirector\n\nJohn MacDonald 3,500,000 Units 8% 4%\nDirector\n\n\nThe per cents set forth in the above table assume the exercise by the\ninsider o...

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