LETHBRIDGE, ALBERTA--(Oct. 14, 2015) - Robix Alternative Fuels, Inc. ("Robix" or the "Corporation") (RZX:CNX) announced today that has increased the size of its previously announced non-brokered private placement offering of units. The private placement offering will now be for gross proceeds of up to $602,000.
Robix also announced that it intends to settle 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 will be subject to a four month hold period.
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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