VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2016) - In the news release, "Luxor Announces C$5.0 Million Brokered Private Placement," issued earlier today by Luxor Industrial Corporation (TSX VENTURE:LRL), please be advised that in the first sentence of the fourth paragraph, the date the Offering is expected to close should read "November 28, 2016" rather than "November 21, 2016" as originally issued. Complete corrected text follows:
Luxor Industrial Corporation ("Luxor" or the "Company") (TSX VENTURE:LRL) is pleased to announce that it has entered into a letter agreement with a syndicate of agents led by Haywood Securities Inc. and including Cormark Securities Inc. (the "Agents") to market on a best efforts basis a private placement of up to 16,666,667 units ("Units") at a price of $0.30 per Unit for total proceeds of up to $5,000,000 (the "Offering"). Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the Company at a price of $0.40 per share within the 24 month period following the closing of the Offering. The Agents has been granted an over-allotment option to increase the size of the Offering by up to 20% (3,333,333 Units).
In connection with the Offering, Luxor will pay to the Agents a cash commission of 6.5% of the proceeds raised and will issue to the Agents 6.5% of the Units placed in broker warrants. Each warrant will entitle the Agents to acquire one addition common share of the Company at a price of $0.40 per share within the 24 month period following the closing of the Offering.
The net proceeds of the Offering will be used for working capital for its Mill Frame LLC sales and resultant ramp up of its Mill Frame Inc. operations.
The Offering is expected to close on or about November 28, 2016 and is subject to acceptance for filing by the TSX venture exchange.
Directors and officers will participate in the private placement on the terms set forth above and such participation has been approved by the independent directors of the Company. The Company is relying on an exemption from the related party requirements of MI 61-101.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or under any state securities laws and may not be offered or sold within the United States or to U.S. person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Luxor's operations are focused around a turnkey framing solution for multi-family complexes. With its manufacturing facility in Chilliwack, British Columbia, Luxor's operations are focused on offering a complete service, including estimating, design, manufacturing and constructing, to General Contractors in the Western United States. For additional information, please visit www.millframe.com.
In addition, Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor's website at www.luxorcorp.com.
This news release contains forward looking statements. Although Management believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com
Neither the 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.