Jenex Completes Private Placement
May 21, 2013
The Jenex Corporation(“Jenex”) (TSX-V: JEN.H)- Further to a press release dated March 26, 2013 disclosing a non-brokered private placement of up to $250,000, Jenex is pleased to announce that it has completed a non-brokered private placement of 10,000,006 units (“Units”) at a price of $0.015 per Unit for gross proceeds of $150,000. Each Unit consists of one common share (“Common Share”) and one half of one Common Share purchase warrant (“Warrant”). Each full Warrant is exercisable into one Common Share at $0.10 per share until May 21, 2014. The private placement was approved by the Board of Directors of the Company.
The private placement was conducted in Ontario only, pursuant to a partial revocation of a Cease Trade Order issued by the Ontario Securities Commission. The Company plans to use the funds to bring all its continuous disclosure filings up to date and pay related late filing fees and penalties.
The net proceeds of the Private Placement are estimated to be applied as follows:
Penalties and fees for past late filings of continuous disclosure documents $25,000
Legal, accounting and audit fees $40,000
Application for revocation of the cease trade orders applicable to the Applicant $25,000
NEX maintenance fees-- TSXV $20,000
Outstanding accounts and other maintenance-related costs $40,000
Total Financing: $150,000
The securities issued in connection with the private placement are subject to a hold period that runs to September 22, 2013. The securities of the Company, including those issued in the private placement, may only be traded once the cease trade orders issued by the Ontario, British Columbia and Alberta Securities Commissions are fully revoked.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.