LETHBRIDGE, ALBERTA–(Jan. 27, 2015) - Robix Alternative Fuels Inc. (“Robix” or the “Corporation”) ($RZX:CSE) announced today that it has increased the size of its previously announced non-brokered private placement of units. The private placement offering will now consist of up to 3,250,000 units at a price of $0.40 per unit for gross proceeds of up to $1,300,000.
Robix also announced that is has completed the first tranche of the private placement. Robix issued 1,826,875 units at a price of $0.40 per unit, for gross proceeds of $730,750. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of $0.60 per share for a period of one year after the closing.
Finder’s acting in connection with the first tranche of the private placement received aggregate fees of $22,200 and an aggregate amount of 55,500 finder’s warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.40 for a period of one year after the closing.
Robin Ray, the Chief Financial Officer and a director of Robix, subscribed for 970,000 units. Robix has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the issuance of the units (Formal Valuation – Issuer Not Listed on Specified Markets; Minority Approval – Fair Market Value Not More Than 25% of Market Capitalization).
All securities issued in connection with the offering are subject to a hold period that expires on May 28, 2015. The net proceeds from the offering will be used to finance the Corporation’s continuing capital program and for general working capital purposes.
The Corporation is an “industrial products/technology” company, which has developed the Clean Ocean Vessel (“COV”), an oil spill recovery vessel design with the capability to recover oil not only in rough and debris laden sea conditions but more contained environments such as lakes and rivers. Robix has recognized a worldwide market opportunity for effective containment, recovery and disposal equipment, particularly in the oil spill protection industry. The business model is focused on Robix becoming a large-scale provider of services and/or equipment under licensing agreements with other industry participants, wherein Robix will use its COV patented design solution.
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