TORONTO, March 31 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today
announced that it has priced the non-brokered private placement announced in
its press release of March 5, 2008.
Pursuant to the offering, the company will raise up to $6 million through
the issuance of units from treasury at $0.10 per unit. Each unit consists of
one (1) common share and one-half (1/2) warrant. Each whole warrant entitles
the holder to purchase one (1) common share at a price of $0.25 per share
until the second anniversary of the closing date provided that, if the closing
price of the common shares as listed on a recognized stock exchange exceeds
$0.35 per share for a period of 10 consecutive business days, the expiry date
of the warrant will be 30 days from the date of notice sent by the company to
the holder. The company may increase the size of the offering by up to 10% at
any time prior to the closing.
Luxell will use net proceeds from the offerings for working capital for
continued sales growth, to retire $3.75 million of secured Notes and for
general corporate purposes.
The company may pay agents' fees of a cash commission equal to up to 2%
of the aggregate subscription proceeds plus an engagement fees of up to
$25,000. In addition, the company may also grant to the agents a number of
common shares equal to up to 2% of the number of units.
The offering is scheduled to close on or about April 15, 2008. Completion
of the private placement is subject to receipt of all required regulatory and
other approvals, including acceptance by the TSX. Securities sold under the
offering will be subject to a statutory four (4) month hold period.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any province, state or jurisdiction, including the United
States, in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such province,
state or jurisdiction.
Luxell designs, manufactures and licenses flat panel display technologies
and solutions for defence and avionics industries. More information can be
found at www.luxell.com. (C) Luxell Technologies Inc., Luxell and Black Layer
are trademarks of Luxell Technologies Inc. All other company and/or product
names are trademarks and/or registered trademarks of their respective
For further information:
For further information: Luxell Technologies Inc., Simon Dann, Director,
Government & Corporate Relations, (905) 363-0325 ext 235, email@example.com