Non-brokered offering’s proceeds fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Jan. 30 – Robix Alternative Fuels Inc. said it raised C$406,675 in the second and final tranche of its C$1.14 million non-brokered private placement of units. The deal priced on Dec. 11 and was increased to C$1.3 million from C$1 million on Jan. 27, when the company raised C$730,750 in the initial tranche.
The company will now sell 3.25 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.
Robix sold 1,826,875 units in the first tranche. Chief financial officer and director Robin Ray bought 970,000 units for C$388,000 in that tranche. The company sold 1,016,687 units in the second tranche.
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.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$1,137,425
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| Units: | 2,843,562
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.60
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| Agent: | Non-brokered
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| Investor: | Robin Ray (for C$388,000)
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| Pricing date: | Dec. 11
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| Upsized: | Jan. 27
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| Settlement dates: | Jan. 27 (for C$730,750), Jan. 30 (for C$406,675)
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| Stock symbol: | CNSX: RSX
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| Stock price: | C$0.35 at close Dec. 10
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