Newlox Gold Announces a Private Placement and Shares for Debt Transaction
Vancouver, BC, September 23, 2016 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX) announces a Private Placement and Shares for Debt Transaction. A total of 772,132 Common Shares and 420,000 Warrants are being issued by the Company in relation to these transactions.
The Private Placement has raised a total of $21,000 through the issuance of 420,000 Units of the Company at a price of $0.05 per Unit. Each Unit consists of one Common Share and share purchase Warrant. Each Warrant is non-transferrable and entitles the holder to purchase an additional Newlox common share for $0.05 in the first 12 months, $0.10 between month 13 and 24 and $0.15 between months 25 and 36. All unexercised warrants shall expire after a term of 3 years. The proceeds of this Private Placement will be allocated to general administrative working capital and operations in Latin America.
In connection with the closing of the Private Placement, the Company will pay finders’ fees totalling $770.00 as well as issue 15,400 Compensation Warrants on the same terms as the Warrants included in the Private Placement.
In addition to the Private Placement, 352,132 shares are being issued to WDM Chartered Accountants as full and final compensation for professional services related to the Company’s audited financial statements dated March 31, 2015 (the “Shares for Debt Transaction”).
Newlox Gold Ventures Corp.
Newlox Gold Ventures Corp. is an environmental remediation company recovering contaminants and residual precious metals from historical waste left behind over more than a century of inefficient artisanal and small-scale mining in Latin America. This approach eliminates the conventional, time and capital intensive, processes of exploration and mining.
Newlox is collaborating with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia and is poised to achieve highly satisfactory results as it commissions its first concentrate plant and beneficiation facility.
Success at the first plant will be followed by expansion in other targeted jurisdictions. The longer-term objective of Newlox is to establish a dividend paying enterprise allowing shareholders to participate in equity growth and share in profits while improving environmental standards and setting a high standard of social responsibility.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release).
Scott Jobin-Bevans, Ph.D., P.Geo., is a “Qualified Person” within the meaning of National Instrument 43-101 and reviews the Company’s technical disclosure.
On Behalf of the Board, Newlox Gold Ventures Corp.
For a PDF file of this news release, click here.