The Jenex Corporation Provides Update on Proposed Financing
March 26, 2013
The Jenex Corporation (TSX VENTURE:JEN.H), a company focused on the development and marketing of cosmeceutical skin-care medical device products based on its patented thermal therapy technology (the "Company"), today issued a report on the progress of the Company.
Application for Partial Cease Trade Revocation
The Company has applied for and been granted a partial revocation of the cease trade order (CTO) issued by the Ontario Securities Commission to enable it to proceed with a private placement financing to investors in Ontario, described in greater detail below.
The Company ultimately plans to fulfill its requirements under Canadian provincial securities legislation to become an issuer in good standing and have the CTO and similar orders issued by the British Columbia and Alberta securities commissions fully revoked.
The Company is pursuing a private placement of Units to raise approximately $250,000 at a price of 1.5 cents per Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant, each whole warrant exercisable to acquire one common share for $0.10 for a period of 12 months following closing. The offering will be subject to a minimum of $150,000 being raised, failing which all subscription amounts will be returned to subscribers.
The Company plans to use the capital raised to bring all of its continuous disclosure filings up to date and pay related late filing fees and penalties.
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.