Jenex closes $917,065 debt settlement
2017-04-06 16:24 ET - News Release
Mr. Rob Fia reports
THE JENEX CORPORATION ANNOUNCES SHARES FOR DEBT CLOSING
The Jenex Corp. has issued 18,341,302 common shares to settle $917,065 of debt owing by the company. The shares are subject to a hold period which expires on Aug. 6, 2017.
This is the first of two closings of the debt settlement described in the Company's news release of February 13, 2017. The TSX Venture Exchange has approved the issuance of an additional 16,008,634 common shares at the second closing, to settle an additional $800,431 of debt, conditional upon (a) disinterested shareholder approval with respect to 11,549,998 common shares to be issued to current and former officers and directors of the Company, and (b) ordinary shareholder approval with respect to 4,458,636 common shares to be issued to a shareholder who would thereby become a Control Person (as that term is defined in TSX Venture Exchange policies).
At the first closing, Jenex issued 9,149,950 common shares to subscribers who are related parties of Jenex under Multilateral Instrument 61-101 ("MI 61-101"). At the second closing and subject to minority shareholder approval, 12,668,634 common shares will be issued to related parties. Jenex is exempt from the formal valuation requirement of MI 61-101, but not the minority shareholder approval requirement of MI 61-101, as described in more detail in the material change report to be filed in connection with this private placement.
The Company intends to call a meeting of shareholders for the purpose of seeking the shareholder approvals referred to in this news release and such other purposes as the directors may determine.
About Jenex:
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. The Jenex Corporation trades on the NEX (NEX: JEN.H). For more information visit: www.thejenexcorporation.com or www.therozap.com
Jenex received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation from over 20,000 different insect stings and bites, (including bees, wasps, hornets, mosquitoes, black flies and jellyfish). Jenex received approval for the above claims from FDA (United States) in 1997.
Jenex continues to further develop, and explore other applications, for its platform technology. If you would like to stay informed on the development of TherOZap™ please visit www.therozap.com
We seek Safe Harbor.
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