LX Ventures Completes 2nd Tranche of Financing at $474,750
In connection with the second tranche of the Private Placement, the Company has paid finder's fees of $22,732.50, and has issued 151,550 finder's warrants to finder's who introduced subscribers to the Company. The finders warrants have the same terms as the warrants forming part of the units. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period expiring on February 5, 2014.
The Company also announces that that it has granted an aggregate of 600,000 incentive stock options exercisable at $0.15 for a period of five years to certain directors and officers of the Company.
LXV's CEO Mike Edwards commented, "We are pleased that our planned $1 million fundraising has been oversubscribed by more than 60%. We have clearly delineated the milestones to be achieved with each of our core portfolio holdings through the course of the next 12 months and these funds will be deployed to accelerate the growth of each of these investments. In addition, we are focused on new strategic acquisitions in vertical markets where we feel that we can also target immediate roll-up opportunities to further accelerate these investments in terms of cash flow."
About LX Ventures
LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit: www.lxventures.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.
Contacts: LX Ventures Inc. Keir Reynolds 778-998-9242 firstname.lastname@example.org www.lxventures.comSOURCE: LX Ventures Inc.