SOURCE: Memex Automation

Memex Automation

June 01, 2015 06:00 ET

Proposed Private Placement for Memex Automation Oversubscribed; To Be Increased to Approximately $3.9 Million

BURLINGTON, ON--(Marketwired - Jun 1, 2015) - Astrix Networks Inc., operating as Memex Automation (TSX VENTURE: OEE) ("Astrix," "Memex" or the "Company"), is pleased to announced that its previously announced non-brokered private placement has received subscriptions for an amount significantly greater than the originally contemplated offering size of $2,500,000. As such, the Company has decided to increase the offering to be for aggregate gross proceeds of not more than $3,900,000 (the "Private Placement"). Pursuant to the Private Placement, Astrix will issue up to 26,000,000 units at a price of $0.15 per unit. Each unit (a "Unit") is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase. Each whole Warrant, comprised of two half warrants (a "Warrant"), entitles the holder to purchase one Common Share at a price of $0.25 per share at any time prior to 5:00 p.m. EDT on the date that is twenty-four months following the closing date of the Private Placement.

In connection with the Private Placement, the Company has entered into an agreement with Primary Capital Inc. "Primary") whereby they will manage the Private Placement. The Company will pay finders' fees on certain subscriptions to Primary and any other brokers, equal to 8% of the proceeds raised via brokers and issue broker warrants (the "Broker Warrants") equal to 8% of the number of Units sold. Each Broker Warrant entitles the holder to purchase one Unit at a price of $0.15 at any time prior to 5:00 p.m. EDT on the date that is twenty-four months following the closing date of the Private Placement.

The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws. The Private Placement may close in one or more tranches. The closing of the Private Placement is subject to receipt of subscription agreements from suitable investors and receipt of TSX Venture Exchange approval.

About Memex Automation:

Astrix Networks Inc., (TSX VENTURE: OEE), operating as Memex Automation, provides award-winning software to measure Machine to Machine (M2M) productivity and Overall Equipment Effectiveness ("OEE") in real-time. MERLIN (Manufacturing Enterprise Real-time Lean Information Network) generates OEE metrics for each machine in every plant. MERLIN is used by leading machine tool companies as a complete shop floor communications platform. For more information, please visit: www.memex.ca.

"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."

Contact Information

  • For more information, please contact:

    Leanne Rattray
    Communications Specialist
    Phone: 905-635-1540 ext. 103
    Email: Email Contact

    David McPhail
    CEO
    Phone: 519-993-1114
    Email: Email Contact