VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") is pleased to announce that it has closed its strategic private placement announced on April 16, 2013. Pursuant to the offering, LXV has issued 4,000,000 common shares for gross proceeds of $800,000. The offering did not include warrants.
The net proceeds raised from the share offering are to be used for general corporate purposes. The Company did not pay a finder's fee related to this offering.
The securities issued pursuant to the private placement are subject to a hold period of four months and a day from the date of closing. This placement is subject to the final approval of the TSX Venture Exchange.
About LX Ventures
LX Ventures is a publicly traded incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit: www.lxventures.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.