07:29:48 EDT Mon 15 Apr 2024
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Regenx Tech Corp
Symbol RGX
Shares Issued 347,178,603
Close 2024-01-30 C$ 0.045
Market Cap C$ 15,623,037
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Regenx Tech raises $1.7-million in debenture financing

2024-01-30 19:40 ET - News Release

Mr. Greg Pendura reports


Regenx Tech Corp. has revised the previously announced unsecured and non-brokered convertible debenture financing for gross proceeds of $1,700,401.73. The debentures will bear interest at the rate of 15 per cent per annum, payable on the maturity date, and will mature on Dec. 31, 2025. The debentures will be convertible at the holder's option into common shares of the corporation at a conversion price of: (i) five cents per common share until the date that is one year from the closing date; and (ii) 10.5 cents per common share for the period from the date following one year from the closing date until the maturity date. The subscriber will also be issued 14,285 warrants for each $1,000 debenture. Each warrant allows the subscriber to purchase a common share of the corporation for 10.5 cents per share if exercised in the first year and 20 cents per share if exercised in the second year. The warrants will expire after two years. The corporation can redeem the debentures at any time upon 10 days of prior written notice. The company intends to use the proceeds to support operations, repayment of debt and general working capital.

Insiders of the company purchased $280,000 of the offering.

All securities are subject to a four-month-plus-one-day hold period under applicable Canadian securities laws. The financing is subject to the receipt of final approval from the Canadian Securities Exchange.

About Regenx Tech Corp.

Regenx is positioned for growth in the clean tech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner, Davis Recycling.

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