Newlox Gold Announces a Convertible Debenture Financing and Closes a $785,000 Lead Order
Vancouver, BC - TheNewswire - November 30, 2023 - Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX) (Frankfurt:NGO) announces that it is offering an unsecured non-brokered Convertible Debenture Financing (the “Offering”) and has closed a strong lead order for gross proceeds of $785,000. The Offering remains open to accredited investors for participation.
The principal amount of the debentures will become due two years from the closing date and will carry an interest rate of 10% per annum, with interest payable semi-annually. Principal and any accrued interest are convertible at the option of the investor at a conversion price of $0.15 per common share (the “Conversion Price”) from the closing date until the day before maturity. On maturity, the Company will have the option to pay the principal and any accrued interest in cash or shares at the Conversion Price.
As part of the Offering, the Company issued 5,233,333 Warrants. Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.25 for two years from the closing of the Offering.
A finder’s fee of $33,120.00, and 220,800 Warrants were issued at an exercise price of $0.25 per common share for a period of two years from the closing date of the Offering.
All securities are issued pursuant to the Offering will be subject to a 4-month hold period under applicable securities laws in Canada. Newlox will use proceeds from the Private Placement to secure the Company’s new project in Colombia, support Costa Rica operations, and grow productivity.
About Newlox Gold Ventures Corp.
Newlox has identified a niche within the extractive industry where a clean-technology company can apply innovative processing techniques to not only recover precious metals but also affect positive change in the environmental and social landscape in its targeted jurisdictions of operations.
Newlox Gold Ventures Corp., President
Phone: +1 778 738 0546
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).