MONTREAL, QUEBEC--(Marketwired - Jan. 8, 2014) - NovX21, previously Pro-Or (TSX VENTURE:POI), which operates a recovery plant for precious metals of the Platinum Group, is pleased to announce that it has closed a second tranche of the private placement for $1.2 million which brings the total amount raised to date to $2 million.
The Corporation authorized and completed a flow through share placement for $299,000 at $0,13 including half a warrant at $0,20 for three years. This amount therefore is added to the private placement for a total amount to date of $2.29 million.
As previously disclosed in the press releases of December 23,2013 the private placement could amount to a maximum of $3 million, is directed at qualified investors and is offered in Units of one common share at $0.10 cents and one three-year warrant at $0.20.
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.
NovX21operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants thus dramatically lowering the amount of time that its customers capital is tied up as work-in-process inventory. NovX21's mission is to sustainably recover precious metals by the recycling of end-of-life PGM containing components while meeting global "green" standards for the automobile industry.
NovX21also holds the mineral rights to six mining properties and has focused its exploration activities on the Menarik property in the James Bay area, in the Province of Quebec, the site of a major chromite deposit with occurrences of gold, nickel, copper and platinum group metals (PGMs). The operation of NovX21's patented and proprietary processes to such deposits may lead to a breakthrough in low cost primary mining metallurgy in the near future.