NovX21 (Previously Pro-Or) Announces the Closing of a $3 million Private Placement
21 1월 2014 - 10:30PM
Marketwired
NovX21 (Previously Pro-Or) Announces the Closing of a $3 million
Private Placement
MONTREAL, QUEBEC--(Marketwired - Jan 21, 2014) - NovX21,
previously Pro-Or (TSX-VENTURE:NOV), a technology company which
operates a recovery plant for precious metals of the Platinum
Group, is pleased to announce the closing of a previously announced
$3 million private placement at a price of $0.10 per share.
Common shares of the Corporation ("Common Shares") were offered
to accredited investors. Each Common Share is accompanied by one
common share purchase warrant, entitling the holder to acquire one
Common Share at an exercise price of $0.20 per Common Share for a
period of 36 months from the date of issuance. The warrants are
subject to an acceleration clause by which the warrant period of
the warrants can be reduced, at the Corporation's discretion, if
the closing price of the Common Shares on the Exchange is equal to
or above $0.30 on 20 consecutive trading days, in which case the
exercise period of the warrants will be reduced to 30 days
following formal written notification by the Corporation to that
effect.
"We are very pleased to have successfully reached our goal of
securing this equity financing that will allow us to build our
first 200-tonne commercial recovery plant. This will propel the
Corporation to an upward level of its development and will
facilitate our discussions with debt investors, potential offtake
agreements and commercial bank lenders", said Sylvain Boulanger,
President and CEO of NovX21.
The Corporation has initiated discussions in order to identify
capital cost savings to build the proposed plant. The construction
time is estimated at between 9 and 12 months following the signing
of feedstock agreements for the supply of at least 100 tonnes per
year of catalytic converters ceramics.
NovX21 also announces that on January 14, 2014, the Board of
Directors has approved a grant of options for an aggregate of
1,150,000 common shares of the Corporation, at $0.15 per share, for
a period of five years, to employees, consultants, directors and
officers, including 50,000 options to a consultant retained to
provide investor relations activities.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About NovX21
NovX21 operates an industrial prototype plant for the recovery
of Platinum Group Elements (Platinum, Palladium and Rhodium or
PGMs). The plant is located near Quebec City in
St-Augustin-de-Desmaures. Its patented process yields more than 97%
recoveries of PGMs, and is not only much less capital extensive but
also operates much more rapidly than conventional plants thus
dramatically lowering the amount of time that its customers capital
is tied up as work-in-process inventory. NovX21's mission is to
sustainably recover precious metals by the recycling of end-of-life
PGM containing components while meeting global "green" standards
for the automobile industry.
NovX21 also holds the mineral rights to six mining properties
and has focused its exploration activities on the Menarik property
in the James Bay area, in the Province of Quebec, the site of a
major chromite deposit with occurrences of gold, nickel, copper and
platinum group metals (PGMs). The operation of NovX21's patented
and proprietary processes to such deposits may lead to a
breakthrough in low cost primary mining metallurgy in the near
future.
Sylvain Boulanger, P.Eng.President & CEOinfo@novx21.com(514)
506-9121Nicole Blanchard, Managing PartnerSun International
Communicationsnicole.blanchard@isuncomm.com(450) 973-6600
NOVX21 Inc. (TSXV:NOV)
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