NXA Inc.
TSX VENTURE : NXI

June 02, 2009 11:43 ET

NXA Inc. Announces Proposed Private Placement

TORONTO, ONTARIO--(Marketwire - June 2, 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 intends to complete a non-brokered private placement of up to 20,000,000 units (the "Units"), at a price of $0.015 per Unit, for aggregate gross proceeds to the Corporation of up to $300,000 (the "Offering"). Each Unit will be comprised of one common share of the Corporation and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable to purchase one Warrant Share for a period of two years from the Closing Date. The exercise price will be $0.05 for the first year following the Closing Date and $0.10 for the remainder of the term.

The proceeds of the Offering will be used primarily for working capital and general corporate purposes. Completion of the financing is subject to receipt of TSX Venture Exchange approval. All of the securities issuable in connection with the Offering will subject to a hold period expiring four months and one day after the closing date of the Offering.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

It is anticipated that the closing of the Offering will occur on or about June 30, 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 a proposed 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: 66,352,357

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
    President and CEO
    416-400-4457