VANCOUVER, Jan. 14 /CNW/ - Monexa Technologies Corp. (TSX-Venture: MXA) ("Monexa" or the "Company") is pleased to announce that it has closed its previously announced
non-brokered private placement (the "Private Placement").
A total of 8,910,000 units of the Company (the "Units") were issued at the price of $0.05 per Unit to raise gross proceeds of
$445,500.00. Each Unit consists of one common share of the Company (a "Share") and one-half of one transferable common share purchase warrant, each
whole warrant (a "Warrant") entitling the holder to purchase one additional Share of the Company
at a price of $0.10 for the first twelve months and $0.15 for the
second twelve months from the date of closing of the Private Placement.
The Company paid a finder's fee to an eligible arm's length party in
connection with services provided in the Private Placement, consisting
of a cash commission of 8% of the gross proceeds received from the sale
of the Units, and non-transferable finder's warrants (the "Finder's Warrants") equal to 8% of the Units sold, to subscribers introduced to the
Company by the finder. A cash commission of $34,840.00 was paid and
696,800 Finder's Warrants were issued, having the same terms as the
The Shares, Warrants and Finder's Warrants, as well as any Shares issued
on exercise of the Warrants or the Finder's Warrants, are subject to a
four month hold period expiring on May 15, 2011.
The net proceeds from the Private Placement will be used to bridge
Monexa's operational requirements as it continues to grow its SaaS
billing business targeting companies with subscription and other
recurring billing needs.
Mr. E. Graeme May announces that he has acquired ownership and control
of 4,410,000 Units in the Private Placement for the aggregate
subscription price of $220,500.
Prior to the completion of the Private Placement, Mr. May beneficially
owned a total of 10,000 common shares of the Company, representing
approximately 0.028% of the Company's then issued and outstanding
Following the acquisition of an aggregate of 4,410,000 Shares and
2,205,000 Warrants, Mr. May beneficially owns a total of 4,420,000
common shares of the Company and 2,205,000 Warrants, which represents
approximately 9.92% of the Company's issued and outstanding shares on a
non-diluted basis, or 14.17% of the Company's issued and outstanding
shares calculated on a partially-diluted basis assuming exercise of the
Warrants held by Mr. May.
Mr. May acquired the Units for investment purposes, and he intends to
evaluate the investment in Monexa and to increase or decrease his
shareholdings as he may determine for investment purposes.
A copy of the Early Warning Report being filed with the applicable
securities regulators regarding the transaction will be available on
SEDAR (www.sedar.com) and may be obtained by contacting Mr. May at 604-659-8011.
About Monexa Technologies Corp.
Monexa pioneered the on-demand subscription billing space and has worked
with hundreds of businesses to help monetize their services. A deep
skill-base and leadership in subscription billing sets Monexa apart
from other service providers and attracts established customers North
America-wide. Monexa's customers range in size from high growth SaaS
and Cloud Infrastructure companies to large household name companies
like AOL Canada, Sprint, Amway and Bell Mobility.
Monexa provides companies the freedom to market their services through
creative pricing plans by removing barriers imposed by traditional
billing and payments processes. Monexa stands for rapid, dependable,
monetization of all subscription services. For more information visit www.monexa.com.
This news release contains forward-looking statements. Actual events or
results may differ materially from those described in the
forward-looking statements due to a number of risks and uncertainties,
including changes in financial and product market conditions.
Forward-looking statements are based on management's estimates,
beliefs, and opinions. The Company assumes no obligation to update
forward-looking statements, other than as may be required by applicable
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Monexa Technologies Corp.
For further information:
Garth Albright, CFO of Monexa
E. Graeme May
Suite 402 - 1440 Creekside Drive
Vancouver, British Columbia