MONTREAL, QUEBEC--(Marketwired - July 29, 2015) - NovX21 Inc. (TSX VENTURE:NOV) announces that it is contemplating a private placement of units, whereby each unit would be composed of:
The shares issued pursuant to the offering will be subject to a four-month hold period.
Existing shareholders of NovX21 are invited to participate in this private placement. Only shareholders of the Corporation, who, as of the share register record date of July 29, 2015, held Common Shares of the Corporation and continue to hold Common Shares at the time of closing, may participate in this Private Placement. The aggregate subscription cost to an existing shareholder for the Units subscribed under the Private Placement cannot exceed $15,000, unless such shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer.
The net proceeds from the Offering will be used for working capital.
The closing date of the Offering is expected to be on or about August 7, 2015. No finders' fee is expected to be paid for this private placement, which is subject to approval by the TSX Venture Exchange.
Existing shareholders who are residents of Canadian Provinces and Territories may participate in the Private Placement and existing shareholders resident in countries other than Canada will need to meet local jurisdiction requirements to participate.
NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium, or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants, thus dramatically lowering the amount of time that its customers' capital is tied up as work-in-process inventory. NovX21's mission is to sustainably recover precious metals by recycling end-of-life PGM containing components while meeting global "green" standards for the automobile industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.