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VANCOUVER, British Columbia, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Reflex Advanced Materials Corp. (CSE:RFLX) (OTCQB:RFLXF) (FSE:HF2) ("Reflex" or the "Company") is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement financing (the "Private Placement") for aggregate gross proceeds of CAD$575,000. Pursuant to the Private Placement, the Company issued 5,750,000 units (each, a "Unit") at a price of CAD$0.10 per Unit. Each Unit consists of one (1) common share (each, a "Share") and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one (1) Share at an exercise price of CAD$0.15 until January 4, 2026.
The Company intends to use the net proceeds raised from the Private Placement to undertake advanced exploration and development activities on the Ruby Graphite Project and for general working capital. All securities issuable in connection with the Private Placement are subject to a statutory hold period in accordance with applicable securities laws of four months and one day from the date of issue, expiring on May 5, 2024. No finders fees were paid in connection with the closing of the first tranche.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of ...