LETHBRIDGE, ALBERTA--(Oct. 22, 2015) - Robix Alternative Fuels, Inc. ("Robix" or the "Corporation") (RZX:CNX) announced today that it has completed the closing of the previously announced non-brokered private placement offering of units. Robix issued 562 units at a price of $1,000 per unit, for gross proceeds of $562,000. Each unit consists of a 12% promissory note in the principal amount of $1,000, plus 6,250 common share purchase warrants. Each whole warrant entitles the holder thereof to acquire one common share at a price of $0.16 per share for a period of one year after the closing.
Finder's acting in connection with the private placement received aggregate fees of $20,500 and an aggregate amount of 128,125 finder's warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.16 for a period of one year after the closing.
All securities issued in connection with the offering are subject to a hold period that expires on February 23, 2015. The net proceeds from the offering will be used to finance the Corporation's continuing capital program and for general working capital purposes.
Robix also announced that it settled outstanding indebtedness of $210,400 through the issuance of 1,052,000 common shares of the Corporation at a deemed price of $0.20 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement are subject to a four month hold period that expires on February 23, 2016.
Robin Ray, the Chief Financial Officer and a director of Robix, settled debt in the amount of $123,000 and received 615,000 common shares under the Debt Settlement and Wanda Cutler, a director of Robix, subscribed for 12 units. Robix has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the issuance of the common shares and units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
The Corporation is an "industrial products/technology" company, offering to investors a unique opportunity to participate in a leading company in the business of ownership of patents, and their development from commercialization to worldwide expansion through various business arrangements. Robix owns a Clean Ocean Vessel ("COV") patent, which is an oil spill recovery vessel design with the capability to recover oil in rough and debris laden sea conditions. Robix has recognized a worldwide market opportunity for effective containment, recovery and disposal equipment, particularly in the oil spill protection industry, and it proposes to develop a business model as a service provider, and/or equipment provider under licensing agreements with other industry participants, wherein Robix will use its COV patented design solution.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Robix Alternative Fuels Inc.
President & CEO
Robix Alternative Fuels Inc.
Chief Financial Officer
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