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Company Increases and Closes Offering of Units
LETHBRIDGE, ALBERTA--(Marketwired - Jan 6, 2016) - Robix Alternative Fuels, Inc. ("Robix" or the "Company")(CSE:RZX)(FRANKFURT:R0X) 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 2,026,316 units at a price of $0.19 per unit for gross proceeds of up to $385,000.
Robix also announced that it has completed the closing of the private placement. Robix issued 2,015,238 units at a price of $0.19 per unit for gross proceeds of $382,895.04. 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 $0.25 per share for a period of one year after the closing.
Finder's acting in connection with the private placement received aggregate fees of $3,990.00 and an aggregate amount of 21,000 finder's warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.25 for a period of one year after the closing.
Robin Ray, the Chief Financial Officer and a director of Robix, subscribed for 242,105 units and a company controlled by Wanda Cutler, a director of Robix, subscribed for 26,316 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 7, 2016. The net proceeds from the offering will be used to finance the Corporation's continuing capital program and for general working capital purposes.
About Robix Alternative Fuels
The Corporation is an "industrial products/technology" company, which has developed an oil spill recovery vessel with the capability to recover oil not only in rough and debris laden sea conditions but also in more contained environments such as lakes, rivers and tailings ponds. 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 arrangements with other industry participants, wherein Robix will use its 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
The Howard Group
(403) (888) 221-0915