Business
Luxell Receives Conditional Approval for $3.75 Private Placement and Current Business Update
Luxell Receives Conditional Approval for $3.75 Private Placement and Current Business Update.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, March 30 /CNW/ - Luxell Technologies Inc. (TSX:LUX) ("Luxell")\nhas received conditional approval from the Toronto Stock Exchange (the "TSX")\nfor a non-brokered private placement (the "Offering") of up to $3,750,000 in\nseries A notes (the Notes"). The Notes will have an initial term of 6 months\nfrom the date of issue which can be extended at the option of Luxell for a\nfurther 3 months.\n\n\nThe Notes will bear an interest rate of 6% per annum and will also\ncontain provisions for the payment of a bonus (the "Share Bonus") through the\nissuance of common shares in the capital of Luxell ("Common Shares") equal to\n40% of the value of the Notes per annum. The cash interest will be paid\nquarterly in arrears and the share bonus will be paid quarterly based on the\n5-day weighted average trading price of the Common Shares on the TSX for the\nfive trading days preceding the date on which the Share Bonus is payable. The\nnumber of Common Shares issued in connection with the Share Bonus will not\nexceed 11,178,415 unless prior regulatory approval is received. Insiders may\nparticipate in the Offering but at no time will the number of Common Shares\nissuable to insiders under the Offering exceed 10% of the current issued and\noutstanding common shares of Luxell.\n\n\nThe funds received by Luxell will be used to first pay existing debt, to\nrefinance currently outstanding debt, with the balance of approximately\n$900,000 to be applied toward Luxell's business development, production\noperations and general working capital.\n\n\nIn connection with the Offering Luxell will pay a finders' fee equal to\n3% of the gross proceeds of the Offering through the issuance of Common\nShares.\n\n\nConcurrent with this announcement, Luxell reports that order completion\nand shipments are continuing and that Luxell has recently received repeat and\nnew orders from three existing customers for Maintenance Data Panels, large\nformat display units for land defence applications and Loadmaster prototype\nvariants. Additionally, decisions are pending on another $1.5M in short-term\nproposals from other current customers.\n\n\nLuxell also confirms that its Annual and Special Meeting will be held on\nMay 7, 2007. Complete details will be included with the shareholders material\nmailing s...