November 27, 2013 UPDATE: LX Ventures announced today that it has closed its private placement for gross proceeds of $3,045,000. The offering was fully subscribed. As of today LXV has traded for five consecutive days above $0.65.
LX Ventures announced recently that it is proceeding with a non-brokered private placement in which it will raise up to $3,045,000.
In connection with the offering, the Vancouver-based company will issue up to 8,700,000 units at a price of $0.35 per unit. According to LXV, each unit consists of one common share and one-half of one common share purchase warrant, and each whole warrant will entitle the holder to acquire one additional common share of the company at a price of $0.50 for a period of 12 months from the closing of the offering—"subject to certain acceleration provisions in the event that the shares of the Company trade at $0.65 or higher for 10 consecutive trading days."
LXV says that the funds raised from the offering will be used to "accelerate the growth of the company's core portfolio investments," as well as to target and close new roll-up acquisitions.
"We are experiencing tremendous momentum with the upcoming launch of our Mobio INsider platform and are committed to continuing the rapid acceleration of this business segment," noted LXV CEO Mike Edwards.
"In addition, we have identified and are completing due diligence on additional fundamental acquisition opportunities within our targeted vertical markets," he added.