LX Ventures Announces Appointment of New Chairman of the Board
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 11, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company")
is pleased to announce the appointment of Jeff Durno to its board of
directors. Mr. Durno is the managing partner of ASKD Law LLP, a
Vancouver-based boutique law firm focused on corporate and securities
transactions, and chairman of Emprise Capital Corp., a Vancouver-based
merchant banking company. Mr. Durno will also assume the role of
Chairman of the Board. The Company also announces the resignation of
Braden Fletcher from the Board. The Company wishes to thank Mr. Fletcher
for his contributions to the Company.
The Company also announces that it has arranged a non-brokered private placement in which it will raise up to $1 million. In connection with the private placement, the Company will issue up to 6,666,667 units at a price of $0.15 per unit (each a "Unit"). Each Unit consists of one common share and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.22 for a period of twelve months from the closing of the Private Placement, subject to certain acceleration provisions in the event the shares of the Company trade at $0.30 or higher for 10 consecutive trading days.
Insiders of the Company have committed to subscribing for $150,000 of the private placement.
The funds raised from the issuance of the Units will be used to accelerate the growth of LXV's core portfolio investments and to target and close new roll-up acquisitions.
About LX Ventures
LX Ventures is a publicly traded technology incubator that acquires 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 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.
LX Ventures Inc.The Company also announces that it has arranged a non-brokered private placement in which it will raise up to $1 million. In connection with the private placement, the Company will issue up to 6,666,667 units at a price of $0.15 per unit (each a "Unit"). Each Unit consists of one common share and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.22 for a period of twelve months from the closing of the Private Placement, subject to certain acceleration provisions in the event the shares of the Company trade at $0.30 or higher for 10 consecutive trading days.
Insiders of the Company have committed to subscribing for $150,000 of the private placement.
The funds raised from the issuance of the Units will be used to accelerate the growth of LXV's core portfolio investments and to target and close new roll-up acquisitions.
About LX Ventures
LX Ventures is a publicly traded technology incubator that acquires 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 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.
Keir Reynolds
778-998-9242
keir@lxventures.com
www.lxventures.com
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