Business
Newlox Gold Closes Oversubscribed Private Placement
Vancouver, BC - TheNewswire - 5 June 2020 - Newlox Gold Ventures Corp. ("Newlox" or the "Company") (CSE:LUX) | (CNSX:LUX.CN) | (Frankfurt:NGO) announces that it
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"Vancouver, BC - TheNewswire - 5 June 2020 - Newlox Gold Ventures Corp. (\"Newlox\" or the \"Company\") (CSE:LUX) | (CNSX:LUX.CN) | (Frankfurt:NGO) announces that it has closed its recently announced non-brokered private placement financing (the \"Offering\"). Management is pleased to report that, due to strong interest from investors, the financing has been oversubscribed. Newlox Gold has received gross proceeds of $557,500.00 by issuing 11,150,000 units of the Company (the \"Units\") at a price of $0.05 per Unit (the \"Unit Price\"). Each Unit comprises one common share and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 for 2 years from the closing of the Offering. Additionally, the Company has issued 982,183 Units in a shares for debt transaction. All securities are issued pursuant to the Offering will be subject to a 4-month hold period under applicable securities laws in Canada. The Company has paid $32,000 in finder's fees and issued 152,000 broker units to compensate finders for the Offering in accordance with the rules of the Canadian Securities Exchange (\"CSE\"). Newlox will use proceeds from the Private Placement to support operations and grow productivity. A Message from Ryan Jackson, President & CEO: \"We appreciate the strong investor interest in Newlox Gold and the subsequent closing of an oversubscribed private placement. Newlox's artisanal tailings remediation model represents a socially and environmentally positive approach to precious metals production and is an innovative new model for the resource industry. Over the coming months, we expect to see productivity at the plant increase month-over-month, together with the addition of new projects to the Newlox portfolio of environmentally positive gold production facilities.\" About Newlox Gold Ventures Corp. Newlox has identified a niche within the extractive industry where a clean-technology company can apply innovative processing techniques to not only recover precious metals but also affect positive change in the environmental and social landscape in its targeted jurisdictions of operations. Forward-Looking Information The information in this news release includes certain information and statements about management's view of future even...