Non-brokered offering’s proceeds fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 11 – Robix Alternative Fuels Inc. said it arranged a C$1 million non-brokered private placement of units.
The company will sell 2.5 million units of one common share and a half-share warrant at C$0.40 per unit. Each whole warrant is exercisable at C$0.60 for one year. The strike price is a 71.43% premium to the Dec. 10 closing share price of C$0.35.
Settlement is expected Dec. 31.
Proceeds will be used for general working capital purposes.
The Lethbridge, Alta., company owns a patent for an oil spill recovery vessel design with the capability to recover oil in rough and debris laden sea conditions.
| Issuer: | Robix Alternative Fuels Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million
|
| Units: | 2.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 31
|
| Stock symbol: | CNSX: RSX
|
| Stock price: | C$0.35 at close Dec. 10
|
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