Business
Luxell Announces Non-Brokered Private Placement and Rights Offering
TORONTO, March 5 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the "Corporation") is pleased to ann...
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, March 5 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the\n"Corporation") is pleased to announce that it intends to proceed with a\nnon-brokered private placement of units ("Units") in the capital of the\nCorporation. Each Unit is comprised of one (1) common share in the capital of\nthe Company ("Common Share") and one half (1/2) Common Share Purchase Warrant\n("Warrant"). Each whole Warrant entitles the holder to purchase one (1) Common\nShare at a price of $0.25 for a period of two (2) years from the Closing Date.\nThe Units will be subject to a 4-month plus one day hold period.\n\n\nIn addition, the Corporation is pleased to announce that it intends to\nproceed with a rights offering to shareholders of Luxell. Each shareholder who\nis an accredited investor would receive the right to subscribe for 1.25 Units\nfor each Luxell share that they own as of the Record Date, and would have an\nadditional subscription privilege to subscribe for any Units not taken up on\nthe exercise of rights.\n\n\nThe other details of the private placement and the rights offering will\nbe determined by the Board of Directors of Luxell prior to filing the final\nrights offering circular. Luxell will use net proceeds from the offerings for\nworking capital for continued sales growth, to retire the debt recorded on the\nbalance sheet as $3.75 million of Notes and for general corporate purposes.\n\n\nThe private placement and rights offering is subject to regulatory\napproval, including that of the Toronto Stock Exchange. Rights certificates\nwill not be delivered to shareholders who are resident in provinces other than\nBritish Columbia, Alberta, Manitoba, Ontario or Quebec, or who are resident of\njurisdictions outside of Canada. Notwithstanding the foregoing, ineligible\nshareholders who establish, to the satisfaction of the Company, that the\nreceipt by them of rights and the issuance to them of shares upon the exercise\nof the Rights will not be in violation of the laws of the jurisdiction of\ntheir residence will be allowed to exercise the rights.\n\n\nThis news release shall not constitute an offer to sell or the\nsolicitation of an offer to buy, nor shall there be any sale of these\nsecurities in any province, state or jurisdiction, including the\nUnited States, in which such offer, solicita...