SOURCE: Memex Automation

Memex Automation

June 03, 2015 06:00 ET

Memex Automation Closes $3.9 Million Private Placement

BURLINGTON, ON--(Marketwired - Jun 3, 2015) - Astrix Networks Inc., operating as Memex Automation (TSX VENTURE: OEE) ("Astrix," "Memex" or the "Company"), is pleased to announced that, subject to receipt of final acceptance of the TSX Venture Exchange, it has closed its previously announced non-brokered private placement (the "Private Placement"). Pursuant to the Private Placement, Astrix issued 25,865,433 units at a price of $0.15 per unit for aggregate gross proceeds of $3,879,815. Each unit (a "Unit") is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant. Each whole Warrant comprised of two half warrants (a "Warrant") entitles the holder to purchase one Common Share at a price of $0.25 per share at any time prior to 5:00 p.m. EDT on June 2, 2017. The net proceeds of the private placement will be used for general working capital to advance the Company's business plan.

The Company engaged Primary Capital Inc. ("Primary") to manage the Private Placement. The Company has paid finders' fees to Primary and other brokers equal to 8% of the proceeds raised via brokers ($273,384 in finders' fees). The Company has also issued broker warrants (the "Broker Warrants") equal to 8% of the number of Units sold via brokers (1,822,560 Broker Warrants). Each Broker Warrant entitles the holder to purchase one Unit at a price of $0.15 at any time prior to 5:00 p.m. EDT on June 2, 2017. 

The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws. The Private Placement may close in one or more tranches. 

About Memex Automation:

Astrix Networks Inc., (TSX VENTURE: OEE), operating as Memex Automation, provides award-winning software to measure Machine to Machine (M2M) productivity and Overall Equipment Effectiveness ("OEE") in real-time. MERLIN (Manufacturing Enterprise Real-time Lean Information Network) generates OEE metrics for each machine in every plant. MERLIN is used by leading machine tool companies as a complete shop floor communications platform. For more information, please visit: www.memex.ca.

"Neither 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."

Contact Information

  • For more information, please contact:

    Leanne Rattray
    Communications Specialist
    Phone: 905-635-1540 ext. 103
    Email: Email Contact

    David McPhail
    CEO
    Phone: 519-993-1114
    Email: Email Contact