Washmax to conduct C$10 million private placement

By Laura Lutz

Des Moines, March 5 - Washmax Corp. announced plans to complete a private placement for up to C$10 million.

Norstar Securities LP is the agent.

The placement will be conducted alongside a proposed reverse takeover by NewEdge Gold Corp.

Settlement of the financing is a condition of the merger.

Proceeds will be used for general corporate purposes.

Washmax was previously a Toronto-based Laundromat business. NewEdge is a gold exploration and development company. After the merger, the company will operate as a mining company.

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