Newlox Gold Raises $54,393
Vancouver, BC, November 26, 2015 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX) is pleased to announce the closing of a financing according to which the Company will issue unsecured convertible/redeemable debentures (Convertible Debentures) for proceeds of $54,393.23.
The Convertible Debentures carry a 12% annual simple interest rate payable quarterly, in Canadian Dollars. If not converted or redeemed, the principle of the loan shall be payable on April 30, 2017.
The Convertible Debentures are convertible at the option of the holder into common shares of the Company on or prior to the maturity date at a conversion price of $0.05 per share. The Company reserve for issuance 1,087,865 common shares with respect to the potential conversion of the debentures. Newlox may prepay the principal and interest of the Convertible Debentures at any time.
The Convertible Debentures have been sold pursuant to exemptions from prospectus requirements to purchasers in Canada and will not be listed on the Canadian Securities Exchange (CSE). The common shares issuable upon conversion will be listed on the CSE and will be subject to a hold period as required by securities regulation.
Newlox, together with its advisors, has engineered and deployed its remediation facilities over the past eight months. It has accomplished a great deal in this time frame with very limited resources. The Company will provide further news as it continues to prove its operational model and focus on its longer term objective; to establish a dividend paying enterprise which will allow its shareholders to participate in equity value growth, share in profits, and contribute to environmental clean-up while setting a high standard of social responsibility.
Qualified Person – This news release has been prepared under the supervision of Jim Miller-Tait, P.Geo., who serves as the qualified person under National Instrument 43-101.
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).
On Behalf of the Board, Newlox Gold Ventures Corp.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
For a PDF file of this news release, click here.