NexgenRx Inc.

NexgenRx Inc.

September 24, 2007 14:45 ET

NexgenRx Announces Convertible Debenture Offering

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - NEXGENRX INC. (TSX VENTURE:NXG) ("NexgenRx" or the "Corporation") announces that it has received conditional approval from the TSX Venture Exchange in respect of an arm's length non-brokered offering of debentures ("Debentures") for minimum gross proceeds of $2,000,000 and maximum gross proceeds of $3,000,000. The Debentures are to be secured, mature on the date that is three (3) years from the date of issuance (if not otherwise converted) and bear interest at a rate of 8% per annum, which shall be accrued and paid quarterly. The Debentures shall be convertible into common shares of the Corporation ("Common Shares") at a conversion rate of $0.35 per share at any time prior to maturity and are redeemable at any time after the date that is twelve (12) months from the date of issuance, at a redemption price that is equal to the principal amount and accrued interest outstanding thereunder at the time of redemption, provided that the holder is first given the opportunity to convert. It is anticipated that the Debentures and Common Shares issuable upon conversion of the Debentures will be subject to a four-month hold period.

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. NexgenRx provides an efficient, cost-effective alternative for Canadian plan sponsors who provide an adminstration services only, or "ASO" health benefit plan to their plan members. NexgenRx also provides a competitive alternative for the provision of health benefit claims adjudication services to third party administrators who manage and administer benefit plans on behalf of a number of plan sponsors and whose services to such plan sponsors include, but are not limited to, the adjudication and payment of health benefit claims made under the plans managed and administered by them.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    (416) 695-3393 x 801
    (647) 722-2920 (FAX)
    NexgenRx Inc.
    Jeff Dawley
    VP Finance, CFO and Corporate Secretary
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)