|By Marketwired .||
|March 11, 2014 07:14 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/11/14 -- LX Ventures Inc. (TSX VENTURE: LXV) ("LXV" or the "Company") announces that it has closed the first tranche of its previously announced private placement for gross proceeds of $1,971,350. The Company issued 5,632,427 units to subscribers at a price of 35 cents per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company at a price of 65 cents per share for a period of 12 months, subject to certain acceleration provisions in the event the Company's shares trade at 80 cents or more for 10 consecutive trading days.
In connection with the private placement, the Company has paid finders' fees of $17,150 and has issued 49,000 finders' warrants to finders who introduced subscribers to the Company. The finders' warrants have the same terms as the warrants forming part of the units. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period expiring on July 12, 2014.
The Company anticipates closing a final tranche of the placement later this month as additional subscription commitments are processed.
"The proceeds of this offering will allow us to further accelerate the growth of our core portfolio companies, Mobio INsider, Strutta.com Media and Copper Cloud Inc.," said Mike Edwards, Chief Executive Officer at LX Ventures. "We are already seeing tremendous growth from our two recent acquisitions, Strutta and Copper, and plan to use this additional capital to innovate rapidly and build on our momentum to increase monthly recurring revenues."
About LX Ventures
LX Ventures acquires and accelerates high growth technology companies. LXV is vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. For further information about LX Ventures, please visit: www.lxventures.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.