MONTREAL, QUEBEC--(Marketwired - Sept. 3, 2015) - NovX21 Inc. (TSX VENTURE:NOV) (or the "Corporation") provides the following corporate update.
Resignations
Given the limited financial resources of the Corporation, most of the directors and officers of the Corporation have resigned. René Branchaud remains as secretary and only director for a transitional period.
Private Placement
The Corporation is pursuing its efforts to raise sufficient capital to restart its operations at the St-Augustin-de-Desmaures plant. The Corporation has now raised $106,750 by the issuance of 2,135,000 units. Each unit, at $0.05, is comprised of one common share and one common share purchase warrant of the Corporation. Each warrant allows its holder to purchase one common share at a price of $0.06 for a period of 12 months following the closing date of the private placement.
The securities issued under the private placement are subject to a four-month hold period. No finders' fees were paid for this private placement.
The proceeds from this placement will be used for working capital.
Activities
The Corporation is in discussion with several groups of investors and explores a full range of alternatives.
Trading on TSX Venture Exchange
Trading on the Corporation's common shares on the TSX Venture Exchange has been halted pending issuance of this press release. Trading will resume when the Corporation will meet the requirements of the Exchange, including the requirement to have a board of directors of at least three members.
About NovX21
NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium, or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants, thus dramatically lowering the amount of time that its customers' capital is tied up as work-in-process inventory. NovX21's mission is to sustainably recover precious metals by recycling end-of-life PGM containing components while meeting global "green" standards for the automobile industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.