BURLINGTON, ON / ACCESSWIRE / September 15, 2017 / Memex Inc. ("MEMEX" or the "Company") (TSX-V: OEE) is pleased to announce that it has entered into an amended letter of engagement with Eight Capital acting as sole bookrunner and lead agent, on behalf of a syndicate (together, the "Agents"), under which the Agents have now agreed to offer for sale units of the Company (the "Units"), on a "best efforts" private placement basis, subject to all required regulatory approvals, at a price per Unit of $0.16 (the "Issue Price") for total gross proceeds of up to approximately $2,850,000 (the "Offering") from the original offering of $1,500,000 with an option to offer an additional $500,000.
Each Unit shall consist of one common share of the Company (a "Share") and one-half of one Share purchase warrant (each full warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.25 for a period of 24 months following the closing of the Offering. In the event that the closing sale price of the Company's common shares on the TSX Venture Exchange is greater than $0.35 per Share for a period of 20 consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The net proceeds from the Offering will be used for working capital and general corporate purposes. The securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.
The closing date of the Offering is scheduled to be on or about September 26, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.