EDMONTON, Alberta, October 2, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Company" or "Regenx") (CSE: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) has closed the second tranche on September 30, 2023 of its previously announced financing for gross proceeds of $840,000 and $2,953,830 in aggregate total. The closing of the second tranche of the offering is subject to all required regulatory approvals, including the acceptance of the Canadian Securities Exchange.
Due to the high level of interest and demand in the debenture we have increased the offering up to another $1 million with a planned closing of October 31, 2023.
The offering is a non-brokered private placement of unsecured convertible debentures (“Debentures”). The Debentures bear interest at the rate of fifteen percent (15%) per annum and will mature on July 1, 2025. The Debentures will be convertible at the holder’s option into common shares of the Company (“Common Share”) at a conversion price of: (i) $0.105 per Common Share until one (1) year from the closing date; and (ii) $0.15 per Common Share for the period from the date following one (1) year from the closing date until the maturity date. The Corporation can redeem the Debentures at any time upon 10 days prior written notice.
The Company will not be paying finder’s fees in the first tranche closing.
The Company intends to use the proceeds from the offering for the commercial ramp up of its Catalytic Converter Module One and general working capital purposes.
The Common Shares to be issued under the offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Persons absent registration or an applicable exemption from the registration. This news release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Regenx Tech Corp
Regenx is positioned for growth in the Clean Tech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling. For further information visit www.regenx.tech
For Further Information Contact:
Regnx Tech Corp.
President & CEO 780-800-0726
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.