LX Ventures Inc.

LX Ventures Inc.

October 07, 2013 08:00 ET

LX Ventures Completes 2nd Tranche of Financing at $474,750

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") announces that it closed the second tranche of its placement for gross proceeds of $474,750, bringing the total gross proceeds of the placement to $1,632,250. The Company issued 3,165,000 units to subscribers at a price of $0.15 per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company at a price of $0.22 per share for a period of 12 months, subject to certain acceleration provisions in the event the Company's shares trade at $0.30 or more for 10 consecutive trading days.

In connection with the second tranche of the Private Placement, the Company has paid finder's fees of $22,732.50, and has issued 151,550 finder's warrants to finder's who introduced subscribers to the Company. The finders warrants have the same terms as the warrants forming part of the units. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period expiring on February 5, 2014.

The Company also announces that that it has granted an aggregate of 600,000 incentive stock options exercisable at $0.15 for a period of five years to certain directors and officers of the Company.

LXV's CEO Mike Edwards commented, "We are pleased that our planned $1 million fundraising has been oversubscribed by more than 60%. We have clearly delineated the milestones to be achieved with each of our core portfolio holdings through the course of the next 12 months and these funds will be deployed to accelerate the growth of each of these investments. In addition, we are focused on new strategic acquisitions in vertical markets where we feel that we can also target immediate roll-up opportunities to further accelerate these investments in terms of cash flow."

About LX Ventures

LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit: www.lxventures.com.



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.

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