Newlox Gold Eliminates Debt
Vancouver, BC, July 24, 2017 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt: NGO) an environmental remediation and gold recovery company, is pleased to announce the closing of its previously announced conversion of $488,652.88 in Debentures and $52,272.63 of accounts payable to equity as part of its previously announced Private Placing and Royalty agreements.
Newlox has received unanimous agreement from its debenture holders to convert C$488,652.88 in debentures to common shares of the company on the basis of C$0.05 per share. Newlox will issue share purchase warrants equal to 50% of the common shares issued. Each Warrant will be non-transferrable and will entitle the holder to purchase an additional Newlox common share for C$0.15 for a period of three years.
Furthermore, the Company has settled C$52,272.63 due to QIS Capital Corp for services rendered through the issuance of equity on the basis of C$0.05 per common share. No warrants will be issued in this case and QIS Capital will continue to provide company updates from time to time for a period of one year from the settlement.
Ryan Jackson, President of Newlox states: “The Company is now free of debt and, having recently closed on US$1 Million of new working capital, is poised to aggressively deploy its business model.”
About 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 politically and socially stable jurisdictions in Latin America.
This novel approach, developed after extensive experience in the region and with the help of the Company’s technical advisors at the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia (“UBC”).
Not having to undertake exploration work or mining, combined with dramatically reduced processing cost due to previous crushing and grinding, should result in a significantly reduced operating cost for the Company. Newlox also expects to benefit from the high grades, which are characteristic of artisanal mine tailings due to the inefficient processing techniques used by the original miners.
The Company, with the guidance of its advisors at UBC, has also identified remediation technologies designed to recover deleterious materials present due to historical artisanal mining practices and will be deploying these systems in the field as part of the commissioning process.
Newlox has signed agreements with local artisanal mining cooperatives to provide a steady supply of feedstock as well as built and tested its first processing plant in Central America. Under the supervision of the Company’s experienced engineer and metallurgist, the Company is currently conducting optimisation and commissioning work at the processing plant with the intention of entering steady-state operations during the second half of 2017.
With hundreds of years of mining history in Latin America and inefficient artisanal processing continuing to this day, the Company believes that there is a compelling opportunity to grow its business model. 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 effect 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 events, expectations, plans and prospects that constitute forward- looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward- looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer: The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within themeaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
For a PDF file of this news release, click here.