|By Marketwired .||
|January 21, 2014 08:30 AM EST|
MONTREAL, QUEBEC -- (Marketwired) -- 01/21/14 -- 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.
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.