The Jenex Corporation Completes $317,500 Oversubscribed Non-Brokered Private Placement with Insider Participation

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[{"type":"text","content":"The Jenex Corporation Completes $317,500 Oversubscribed Non-Brokered Private Placement with Insider ParticipationToronto, Ontario--(Newsfile Corp. - June 21, 2017) - The Jenex Corporation (TSXV: JEN.H) (\"Jenex\" or the \"Company\"), a progressive medical device technology company, is pleased to announce that further to its May 29, 2017 announcement, (The Jenex Corporation Announces Equity Financing with Insider Participation), it has completed, subject to receiving final acceptance from the TSX Venture Exchange (the \"TSXV\"), an oversubscribed non-brokered private placement (the \"Financing\") of 6,350,000 units (\"Units\") of the Company at a price of $0.05 per Unit for gross proceeds of $317,500. The financing was oversubscribed by $67,500. Each Unit is comprised of one Jenex common share (a \"Share\") and one Jenex common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Share at a price of $0.08 for a period of three years from the date of issuance of the Warrant. The term of the Warrants will be subject to an acceleration right at the option of the Company, in the event that the Shares trade at or above $0.15 per Share for a full 10 consecutive trading days following the date which is four months and one day from the Closing Date, and the Company has provided Warrant holders with 30 days prior written notice of the accelerated Warrant exercise date. Insiders and close associates of the Company subscribed for 1,950,000 Units of the Financing for gross proceeds of $97,500.In connection with the Financing, Rob Fia, Chief Executive Officer of the Company, sold an aggregate of 250,000 Jenex common shares from his personal shareholdings to a private investor at a price of $0.05 per share for proceeds of $12,500. Mr. Fia used all of the proceeds from the sale of these shares to purchase Units under the Financing. The issuance of shares to Mr. Fia and to John Gamble, a Jenex director, as part of the Financing is considered to be a related party transaction subject to TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the va...

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