LX Ventures (LXV-V) closes private placement for $3.04-million, offering was fully subscribed.
Nov 27, 2013 - News Release
LX Ventures Inc. has closed its private placement for gross proceeds of $3,045,000. The offering was fully subscribed. The company issued 8.7 million units to subscribers at a price of 35 cents per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the company at a price of 50 cents per share for a period of 12 months, subject to certain acceleration provisions in the event the company's shares trade at 65 cents or more for 10 consecutive trading days.In connection with the private placement, the company has paid finders' fees of $152,930 and has issued 399,990 finders' warrants to finders who introduced subscribers to the company. The finders' warrants have the same terms as the warrants forming part of the units. All securities issued in connection with the offering are subject to a hold period expiring on March 28, 2014.
Commented LX Ventures chief executive officer, Mike Edwards: "We are again extremely pleased with the amount of support we are receiving from the capital markets as the company continues to accelerate the growth of our core portfolio companies. The upcoming Dec. 1 launch of Mobio is just one excellent example of LXV's overall strategy working. We continue to move forward with other fundamental acquisition opportunities within our targeted vertical markets, and this additional capital will assist us in accelerating both Mobio and our overall strategy." |
