(TheNewswire)
Vancouver, BC – TheNewswire - January 31, 2024 – Newlox Gold VenturesCorp. (“Newlox” or the “Company”) (CSE: LUX ) ( Frankfurt: NGO ) announces that ithas closed a third tranche of the previously announced unsecurednon-brokered Convertible Debenture Financing (The “Offering”) forgross proceeds of $403,500. The total gross proceeds for all threetranches is $1,556,000 .The Company anticipates closing a final tranche in February.
The debentures’ principal amount will become due intwo years from the closing date and will carry an interest rate of 10%per annum, with interest payable semi-annually. Principle and anyaccrued interest are convertible at the option of the investor at aconversion price of $0.15 per common share (the “ConversionPrice”) from the closing date until the day before maturity. Onmaturity, the Company will have the option to pay the principle andany accrued interest in cash or shares at the Conversion price.
As part of the Offering, the Company issued 2,690,000Warrants. Each Warrant entitles the holder to purchase one commonshare of the Company at an exercise price of $025 for two years fromthe closing of the Offering.
A finder’s fee of $16,080 and 107,200 Broker Warrantswere issued at an exercise price of $0.25 per common shares for twoyears from the closing date.
All securities are issued pursuant to the Offering willbe subject to a 4-month hold period under applicable securities lawsin Canada.
Newlox will use proceeds from the Offering to supportoperations, expansion and grow productivity.
About Newlox Gold VenturesCorp.
Newlox has identified a niche within the extractiveindustry where a clean-technology company can apply innovativeprocessing techniques to not only recover precious metals but alsoaffect positive change in the environmental and social landscape inits targeted jurisdictions of operations.
Contact Newlox
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: +1 778738 0546
Neither Canadian Securities Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the Canadian Securities Exchange) accept responsibilityfor the adequacy or accuracy of this release).
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