EDMONTON, Alberta, May 11, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Corporation" or "Regenx") (TSXV: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) announced today its intention to complete a non-brokered private placement offering of unsecured convertible debentures (“Debentures”) in the principal amount of up to $2.5Million (the “Private Placement”). The Debentures will bear interest at the rate of fifteen percent (15%) per annum, payable on the maturity date and will mature on July 1, 2025. The Debentures will be convertible at the holder’s option into common shares of the Corporation (“Common Shares”) at a conversion price of: (i) $0.105 per Common Share until the date that is one (1) year from the closing date; and (ii) $0.15 per Common Share for the period from the date following one (1) year from the closing date until the maturity date. The Corporation can redeem the Debentures at any time upon 10 days prior written notice.
The closing of the Private Placement is expected to occur on or about June 15, 2023, and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the Private Placement, please contact the Corporation. All securities issued in connection with the Private Placement will be subject to a hold period of four months from the date of closing. The net proceeds from the Private Placement will be used for plant operations including feedstock and for general working capital.
Regenx is positioned for growth in the CleanTech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling. For further information visit www.Regenx.Tech
Neither the 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 this release.
For further information contact:
REGENX TECH CORP.
President & CEO
Forward-Looking Statements. This press release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Regenx’s business and the proposed Private Placement. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Regenx's control, including the impact of general economic conditions, industry conditions, currency fluctuations, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Regenx believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Regenx does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.