NXA Inc.
TSX VENTURE : NXI

November 22, 2010 18:40 ET

NXA Inc. Revises Terms of Proposed Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) -

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 revised certain terms of its previously announced private placement. The unsecured convertible debentures (the "Debentures") will now be convertible at the holder's option into common shares of NXA at a conversion price of $0.10 per common share (the "Conversion Price") and, in any event, the Debentures will automatically convert into common shares at the Conversion Price upon the consolidation by the Company of all of its common shares on the basis of one new common share for a minimum of 10 old common shares. It is anticipated that the closing of the private placement will occur on or about November 26, 2010. All other terms of the private placement remain the same as announced in a press release dated October 20, 2010.

NXA INC.

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 Company to raise the funds and decisions made by regulators. The forward looking statements contained in this press release represent the Company'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: 70,151,003

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.
    Greg Borsk
    Chief Financial Officer
    (416) 214-3454