|By Marketwired .||
|June 20, 2014 06:37 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/20/14 -- LX Ventures Inc. (TSX VENTURE: LXV), an acquirer and accelerator of high potential technology companies, has arranged a non-brokered private placement in which it will raise up to $1,275,000. In connection with the offering, LX Ventures will issue up to 17,000,000 units at a price of $0.075 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.17 for a period of 12 months from the closing of the offering, subject to certain acceleration provisions in the event that the shares trade at $0.25 or higher for 10 consecutive trading days. All securities issued in connection with the offering will be subject to a four month and one day hold period.
The private placement proceeds will be used by LX Ventures to further advance its Mobio social media platform with product enhancements such as video capabilities, improved usability, and integration with Strutta's social promotions platform. The proceeds will also be used to accelerate the 'Be Social. Get Paid' revenue sharing platform for a broader audience of influencers, and for general corporate purposes.
LX Ventures will pay finder's fees to certain eligible persons for subscriptions from qualified investors who have been introduced by such finders. Certain insiders of the Company will effect trades privately, or through the facilities of the Exchange, with the intention of facilitating participation in the offering.
About LX Ventures
LX Ventures identifies high potential technology companies at revenue and brings together the right mix of talent, experience and resources to rapidly accelerate each company's growth. Our value-added approach is now being used to focus Mobio INsider on scaling, driving revenue and expanding market share, and on integrating the Strutta social promotions platform into a converged social media offering. LX Ventures is a publicly traded company on the TSX-V, headquartered in Vancouver, BC. To learn more, visit http://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 Ventures 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 Ventures are those risks described herein and from time to time, in the filings made by LX Ventures 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.
Liolios Group Inc.
Scott Liolios or Wojtek Nowak