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NexgenRx Announces Completion of $550,000 Unit Financing
TORONTO, ONTARIO--(Marketwired - June 30, 2015) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) announces the completion of its previously disclosed private placement financing, pursuant to which it has issued an aggregate of 3,235,294 units (each a "Unit") at a price of $0.17 per Unit for aggregate gross proceeds of $550,000. Each unit consists of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.20 for a period of 2 years from closing. The proceeds of this offering will be used to repay an interim shareholder demand loan that was recently obtained to facilitate the repayment of a previously issued $500,000 principal amount convertible debenture that was due June 12, 2015, as well as for general working capital purposes. Four-month hold periods apply to the securities issued under this offering (expiring October 30, 2015) in accordance with applicable securities laws. Five subscribers participated in the offering, all of whom are current shareholders of the Corporation, including one insider (being the President and Chief Executive Officer), who acquired 600,000 units. The foregoing subscription is considered to be a related party transaction and is therefore subject to the provisions of Multilateral Instrument 61-101 - "Protection of Minority Security Holders in Special Transactions", however exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument.
About NexgenRx
NexgenRx is Canada's leading independent health benefits plan administrator, providing proprietary on-line claims adjudication and web-based solutions to effectively manage benefits costs for plan sponsors and their members. More information on NexgenRx can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements - This news release contains certain forward looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
