NXA Inc.

September 28, 2005 10:46 ET

NXA Inc.: News Release

TORONTO, ONTARIO--(CCNMatthews - Sept. 28, 2005) - NXA Inc. (the "Company")(NEX:NXI.H) is pleased to announce a non-brokered private placement (the "Private Placement") of up to 3,500,000 units (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to $350,000. Each Unit is comprised of one common share of the Company and one share purchase warrant. Each warrant is exercisable for a period of one (1) year from the date of closing of the Private Placement and entitles the holder to purchase one common share of the Company at a price of $0.15 per share. The Company anticipates that insiders will participate in the Private Placement, and may subscribe for more than 25% of the securities to be issued pursuant to the Private Placement.

The proceeds from the Private Placement will be used to fund the Company's ongoing search for a suitable business acquistion and for working capital.

The Private Placement is subject to regulatory approval and all securities will be subject to a four month hold period.

The NEX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NXA Inc.
    Chuck Lilly
    (705) 522-2400, ext. 207