NXA Inc.
TSX VENTURE : NXI

July 28, 2009 17:36 ET

NXA Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - July 28, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

NXA INC. (TSX VENTURE:NXI) ("NXA" or the "Company") announced today that it has issued and sold, on a non-brokered private placement basis, an aggregate of 1,866,666 units (the "Units"), at a price of $0.015 per Unit, for aggregate gross proceeds to the Corporation of $28,000 (the "Offering"). Each Unit was comprised of one common share of the Corporation and one common share purchase warrant ("Warrant"), with each Warrant exercisable to purchase one common share until 5:00 p.m. (Toronto time) on July 28, 2011. The exercise price of the Warrants will be $0.05 until July 28, 2010 and $0.10 for the remainder of the term.

Robert Metcalfe, Allan Wakefield and Robert Doyle, directors of the Company, are participating in the Offering. The issuance of Units to each of these individuals is considered to be a related party transaction under applicable securities laws. Although the material change report will be filed within 21 days of the closing date, it is considered reasonable and necessary in the circumstances in order to close the Offering within the time period required by the TSX Venture Exchange.

The proceeds of the Offering will be used primarily for working capital and general corporate purposes. All of the securities issuable in connection with the Offering are subject to a hold period expiring on November 29, 2009.

NXA INC.

NXA is a mineral exploration company with mineral properties in British Columbia, Canada. NXA is listed on Tier 2 of the TSX Venture Exchange.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding an offering, including the proposed use of proceeds of the offering. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the ability of the Corporation to raise the funds and decisions made by regulators. The forward looking statements contained in this press release represent the Corporation's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

Shares Outstanding: 68,219,023

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 this release.

Contact Information

  • NXA Inc.
    Robert J. Metcalfe
    Chairman
    416-400-4457