NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

November 26, 2010 16:40 ET

NexgenRx Announces Completion of $1,550,050 Unit Financing

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2010) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) announces that it has completed a private placement financing of 5,166,833 units (each a "Unit") at a price of $0.30 per Unit for aggregate gross proceeds of $1,550,050. Each unit consists of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.35 for a period of 3 years from closing. The proceeds of this offering will be used to repay any of the Corporation's outstanding $2,000,000 principal amount convertible secured debentures that are not otherwise converted into Common Shares, to fund marketing and sales development expenditures, to fund ongoing software development and for general working capital purposes. Four-month hold periods apply to the securities issued under this offering in accordance with applicable securities laws.

About NexgenRx

NexgenRx is a growing health benefits management company engaged in the design, management and administration of health benefit plans offered by employers and other plan sponsors for the benefit of their employees and plan members. More information on NexgenRx can be found at www.nexgenrx.com.

Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

Neither 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 the release.

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    (416) 695-3393 x 801
    (647) 722-2920 (FAX)
    www.nexgenrx.com