NovX21 Inc. (TSXV:NOV), previously Pro-Or Inc., has closed a previously announced $3 million private placement at a price of $0.10 per share. The TSX Venture Exchange has also accepted the Company’s change of business and name change to NovX21 Inc., commencing trade on January 21, 2014.

As quoted in the press release:

Common shares of the Corporation (“Common Shares”) were offered to accredited investors. Each Common Share is accompanied by one common share purchase warrant, entitling the holder to acquire one Common Share at an exercise price of $0.20 per Common Share for a period of 36 months from the date of issuance. The warrants are subject to an acceleration clause by which the warrant period of the warrants can be reduced, at the Corporation’s discretion, if the closing price of the Common Shares on the Exchange is equal to or above $0.30 on 20 consecutive trading days, in which case the exercise period of the warrants will be reduced to 30 days following formal written notification by the Corporation to that effect.

NovX21 President and CEO, Sylvain Boulanger, said:

We are very pleased to have successfully reached our goal of securing this equity financing that will allow us to build our first 200-tonne commercial recovery plant. This will propel the Corporation to an upward level of its development and will facilitate our discussions with debt investors, potential offtake agreements and commercial bank lenders.

Click here to read the NovX21 Inc. (TSXV:NOV) press release
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