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Enter Symbol
or Name
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Jenex Corp (The)
Symbol JEN
Shares Issued 135,043,740
Close 2017-09-19 C$ 0.12
Market Cap C$ 16,205,249
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Jenex completes $317,500 private placement

2017-09-19 09:46 ET - News Release

An anonymous director reports

THE JENEX CORPORATION ANNOUNCES APPROVALS OF EQUITY FINANCING & MOVE TO TSX VENTURE EXCHANGE

The Jenex Corp. has completed a non-brokered private placement of 6.35 million units of the company at a price of five cents per unit for gross proceeds of $317,500 and has received final stock exchange approval therefor. The units were oversubscribed and approval was granted for a total offering of $317,500. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one share at a price of eight cents for a period of one year from the date of issuance (each warrant's term to be automatically extended to three years from issuance date if Jenex graduates from the NEX to the TSX Venture Exchange during the initial one-year period). The term of the warrants also is subject to an acceleration right at the option of the company, in the event that the shares trade at or above 15 cents per share for a full 10 consecutive trading days following the date which is four months and one day after the closing date, and the company has provided warrant holders with 30 days prior written notice of the accelerated warrant exercise date.

Insiders of the company subscribed for 1.2 million units for gross proceeds of $60,000 under the private placement financing. The shares issued to Rob Fia (CEO and chairman) and John Gamble (independent director) under the private placement was considered to be a related party transaction subject to TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- protection of minority security holders in special transactions. The company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of multilateral instrument 61-101 on the basis that the value of securities that were purchased by Mr. Fia and 38; Gamble under the private placement did not exceed 25 per cent of the fair market value of the company's market capitalization.

Jenex intends to use the net proceeds of the private placement to finance the company's product commercialization and manufacturing programs for TherOZap and Intercept CS; sales and marketing; and for general working capital purposes.

The company is pleased to also announce that the TSX-V has granted permission for the company to begin trading on its stock exchange after the company's upcoming annual general meeting provided disinterested shareholder approval for the pending shares for debt transaction is obtained thereat.

About The Jenex Corp.

Jenex is a progressive medical device technology company focused on providing consumers with quality medical devices that address their dermatological needs. Clear and healthy skin for all is at the core of Jenex's philosophy as is the belief that such outcomes should not be a privilege for only those who can afford costly procedures and treatments. The company's breakthrough proprietary technology delivers effective, non-invasive and pain free skin care. Jenex trades on the NEX.

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